Britain’s annual budget announcement will be delayed after new Prime Minister Rishi Sunak takes office on Monday.
Hannah McKay | Reuters
London — The UK financial report has been postponed to 17th November after being brought forward to 31st October.
The budget includes a medium-term fiscal plan for the country to “reduce public spending, reduce debt and restore stability on a sustainable basis.” UK Treasury statement.
The government’s fiscal statements are accompanied by independent projections from the Office of Budget Responsibility, unlike the so-called mini-budget that threw the market into turmoil on September 23rd.
Finance Minister Jeremy Hunt said he and newly appointed Prime Minister Rishi Sunak decided it was “wise” to postpone the financial announcement.
“Our top priority is economic stability and restoring confidence that the UK is a country on its way,” Hunt told Sky News on Wednesday.
Budget details have yet to be revealed, but Sunak confirmed that tackling inflation would be a focus as he faced questions from fellow lawmakers for the first time.
“Inflation is the enemy that makes everyone poorer,” Sunak said in the House of Commons on Wednesday.
UK inflation returned to a 40-year high of 10.1% in September, according to estimates from the Office for National Statistics.
The pound climbed to a six-week high amid speculation that the budget announcement could be delayed after meeting the cabinet for the first time on Wednesday morning.
The pound was last up 0.8% against the dollar, at around $1.156.
Sunak was sworn in as prime minister on Tuesday after her predecessor Liz Truss stepped down after her predecessor Liz Truss’ fiscal policy failed and caused market turmoil.
The change of prime minister followed a fast-paced Conservative leadership election. The ruling party is fighting to stabilize the economy and restore public confidence after witnessing falling polls and plummeting approval ratings.
Foreign Secretary James Cleverley suggested on Wednesday morning that the budget announcement could be delayed.
Snack tactfully told the BBC he wanted to work with Finance Minister Jeremy Hunt to “solve the problem” and ensure the financial statements were “aligned with his priorities”.