MNI BRIEF: UK PM Truss Sticking With Fiscal Plan Timetable

Prime Minister Liz Truss said at a press conference that medium-term fiscal plan will be published as planned on October 31, despite the sacking of Chancellor of the Exchequer Kwasi Kwarteng.

Truss said that the new chancellor, Jeremy Hunt, would deliver the plan, which will see the official forecaster, the Office for Budget Responsibility, set out its full set of projections. That will give the Bank of England Monetary Policy Committee time to incorporate the fiscal arithmetic into its November decision and forecast round .

Truss also announced the reversal of her planned corporation tax cut and that spending would be lower than previously announced, having acknowledged that the mini-Budget tax cuts went further than markets were prepared to accept.