Chancellor does not present financial plan for two months as a pound tank

A handout picture released by the BBC, taken and received on September 25, 2022, shows Britain's Chancellor of the Exchequer, Kwasi Kwarteng, appearing on the BBC's political television program Sunday Morning with journalist Laura Kuenssberg. (Photo by JEFF OVERS / Various Sources / AFP) / LIMITED TO EDITORIAL USE - MANDATORY CREDIT

Kwasi Kwarteng will present a medium-term financial plan in November (Image: AFP)

Chancellor Kwasi Kwarteng will present a medium-term financial plan in November, the Ministry of Finance has confirmed.

The Treasury said it would include more details on the government’s fiscal rules, including ensuring that debt as a percentage of GDP falls over the medium term.

At the same time, the Office for Budget Responsibility will publish its updated forecast for the current calendar year.

When the mini-budget was set last week, there was much criticism of the lack of an OBR forecast for it.

The pound is on the verge of falling below the dollar (Image: AFP/Reuters)

The pound is on the verge of falling below the dollar (Image: AFP/Reuters)

FILE PHOTO: Britain's Prime Minister Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng visit Berkeley Modular in Northfleet, Kent, Britain September 23, 2022. REUTERS/Dylan Martinez/Pool/File Photo

PM Liz Truss and Chancellor Kwasi Kwarteng will work together to tackle the spring budget (Image: Reuters)

At that point in time, the OBR itself had agreed to issue a prognosis.

The Ministry of Finance also confirmed that there will be a budget with another OBR forecast in the spring.

The announcement came less than an hour before the Bank of England issued an emergency declaration after sterling fell to its lowest level in 50 years.

The full statement on the Treasury’s website reads: “On Friday 23 September, the Chancellor of the Exchequer, MP of Rt Hon Kwasi Kwarteng, set out how the Government would fulfill its obligation to reduce taxes for people and businesses, and announced broader supply-side policies to keep the economy growing.

“Building on this, as outlined in the growth plan on Friday, Cabinet ministers will announce further supply-side growth measures in October and early November, including changes to the planning system, business regulations, childcare, immigration, agricultural productivity and digital infrastructure.

“Next month, as part of this programme, the Chancellor will outline regulatory reforms to ensure the UK financial services sector remains globally competitive.

“He will then present his medium-term financial plan on November 23.

“The budget will provide more detail on the government’s fiscal rules, including ensuring that debt as a percentage of GDP falls over the medium term.

“In Friday’s growth plan, the Chancellor explained that there will be a forecast of budgetary responsibility in this calendar year. He has asked for the OBR to provide full guidance alongside the financial plan on November 23.

“As the Chief Secretary to the Treasury outlined this weekend, the Government is sticking to spending rules for this spending review period.

“The Chancellor has also confirmed that there will be a budget with another OBR forecast in the spring.”

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https://metro.co.uk/2022/09/26/chancellor-wont-lay-out-financial-plan-for-two-months-as-pound-tanks-17452904/ Chancellor does not present financial plan for two months as a pound tank

Justin Scacco

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