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MNI BRIEF: Commons Statement Due From New UK Chancellor

(MNI) LONDON

The UK's new Chancellor of the Exchequer will tell Parliament later Monday further details of how the government will set a path to fiscal sustainability as it continues to reverse from decisions made in the September 23 'Growth Plan', the Treasury announced this morning.

Jeremy Hunt, who took the job Friday following the departure of Kwasi Kwarteng, will make a statement Monday morning, outlining some of the changes, with a fuller briefing given to MPs later in the day. The announcement from the Treasury came shortly before financial markets are due to open in London, with many investors and political commentators waiting to see how the government bond market opens, given both the policy changes from the government and the fact the Bank of England ended is backstop programme buying longer-dated bonds on Friday.

The full fiscal plan, now effectively a full budget announcement will still be held on October 31, the Treasury said, adding that Hunt had discussed his plans with both the Bank of England and the Office for Budget Responsibility on Sunday.

Sterling showed some initial strength in Asia trade overnight, rallying around 0.6% versus the dollar to 1.1250.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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