Pound on hold: Chancellor of Kwasi Kwarteng will announce his debt plans on October 31.
Kwasi Kwarteng will present his plan to balance government finances on October 31, almost a month before the original date. The tax returns are expected to detail how the chancellor intends to pay off the £43 billion in tax cuts, as well as plans to reduce debt.
Kwarteng had previously insisted he would announce the plan on November 23. However, financial markets have been hit hard by the lack of details and a new date means Mr Kwarteng’s tax return will be released before the Bank of England announces its latest decision on interest rates. on November 3rd.
OBR, the independent budget watchdog, will finally publish a report alongside Mr Kwarteng’s statement in late October with projections that will give an indication of the health of the country’s finances.
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