Sunday, May 26

Ministry Confirms Postponement of United Kingdom Budget Plan

The United Kingdom’s new budget plans are taking longer than previously announced. The British Chancellor of the Exchequer, Jeremy Hunt, confirmed this after another minister had already hinted at the BBC.

This is because the government of Prime Minister Rishi Sunak, who took office on Tuesday, needs more time to include the “most accurate economic estimates possible” in its budget plans.

A statement on the budget plans should have come out next Monday. But the publication has now been postponed to November 17. The government also promises that the verdict of a British audit office, the Office for Budget Responsibility (OBR), will be announced immediately that day.

Sunak and Hunt will explain in November how they want to reduce government debt and restore financial stability, the Treasury Department reports on Twitter. The financial markets are eagerly awaiting the plans. The question is how the new government plans to close the budget deficit of up to 40 billion pounds.

Truss resigned as prime minister on Tuesday after widespread dissatisfaction with her controversial budget plans. She wanted to implement substantial tax cuts, and the government would also spend considerably more. Truss thought he would borrow the money for that. Instead, the financial markets reacted with shock.

The lack of a feasibility test by the OBR about those plans contributed even more to that nervousness.

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