New UK Prime Minster Rishi Sunak delayed an economic strategy announcement planned for Monday until Nov. 17 as he sought more time to make the “right decisions” on managing the British economy.
The delay from Oct. 31 was announced in a readout of Wednesday’s Cabinet meeting issued by Sunak’s office. The government also upgraded the status of the program from a “medium-term fiscal” plan to an Autumn Statement -- a form of interim mini budget.
The delay means the Bank of England will now make its next interest rates decision on Nov. 3 without the benefit of knowing the full direction of travel the government is setting for the economy. But Chancellor of the Exchequer Jeremy Hunt told broadcasters that it was important to allow for time to make enduring choices on the direction of the economy, and that he had discussed the timing with the central bank.
“This is my recommendation to the prime minister as the best way to ensure that the decisions we take, these very, very difficult decisions are ones that stand the test of time,” Hunt said. That will “give us the best chance of giving people security over their mortgages, over their jobs, over the cost-of-living concerns everyone has,” he said.
Sunak told his cabinet that the statement will “set out how we will put public finances on a sustainable footing and get debt falling in the medium term and will be accompanied by a full forecast from the Office for Budget Responsibility,” according to the readout.
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