Jeremy Hunt delays UK fiscal statement to November 17

Jeremy Hunt, UK chancellor, has delayed the date for his long-awaited medium-term fiscal plan from October 31 to November 17.

Hunt made the announcement on Wednesday morning after talks with new prime minister Rishi Sunak, who wanted more time to go through the details of a defining economic statement.

The fiscal statement will aim to close a big fiscal hole estimated at between £30bn and £40bn, with a series of tax rises and spending cuts. Hunt has said the choices will be “eye-wateringly difficult”.

The chancellor had worked up a draft plan ready to be announced on October 31, ahead of a crucial interest rate-setting meeting of the Bank of England’s monetary policy committee on November 3.

The statement will now take the form of a full Autumn Statement, accompanied by forecasts from the Office for Budget Responsibility.

However, Hunt’s appointment as chancellor on October 14 helped to stabilise markets. He succeeded Kwasi Kwarteng, whose £45bn debt-funded package of tax cuts alarmed the markets.

Sunak’s appointment as prime minister this week has also calmed markets and bought him some time. On Tuesday the 30-year gilt yield fell to 3.67 per cent, levels last seen before Kwarteng’s “mini” Budget on September 23.