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Fiscal Plan Delayed To Nov 17, Upgraded To Autumn Statement

UK

Wires reporting that the 31 Oct medium-term fiscal plan has been delayed to Thursday 17 November following talks between new PM Rishi Sunak and Chancellor of the Exchequer Jeremy Hunt. Also states that the plan has been 'upgraded' to an autumn statement, indicating a more comprehensive set of measures to be announced.

  • Since Sunak took power yesterday there has been speculation that the MTFP could be pushed back to allow Sunak to have more input on its content.
  • Means that the gov'ts fiscal announcement will take place after the BoE's upcoming meeting on 3 Nov.
  • Broad expectations are for Hunt to announce a series of spending cuts in an effort to pay down UK gov't debt, in stark contrast to his predecessor Kwasi Kwarteng's gung-ho 'Plan for Growth' based on major tax cuts that rattled markets and contributed to the downfall of PM Liz Truss.

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