Autumn statement: Jeremy Hunt delays Halloween budget to November 17

Chancellor Jeremy Hunt’s planned Halloween budget to get the public finances back on track has been delayed until next month, Downing Street has said.

The medium term fiscal plan will now be published on November 17 as an autumn statement – alongside a new set of economic forecasts from the Office for Budget Responsibility.

Mr Hunt informed ministers of the decision at the first meeting of Rishi Sunak’s new cabinet in Downing Street on Wednesday morning.

Following the meeting, Mr Hunt told broadcasters: “I want to confirm that it will demonstrate debt falling over the medium term which is really important for people to understand.

Chancellor Jeremy Hunt said he is willing to make “politically embarrassing” choices and insisted a “short two-and-a-half week delay” to his statement is the best course of action.

“But it’s also extremely important that that statement is based on the most accurate possible economic forecasts and forecasts of public finances.

“And for that reason the Prime Minister and I have decided it is prudent to make that statement on November 17 when it will be upgraded to a full autumn statement.”

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Mr Hunt said he discussed the move with Bank of England Governor Andrew Bailey on Tuesday night, adding he (Mr Bailey) “understands the reasons for doing that and I’ll continue to work very closely with him”.

He added that he is willing to make “politically embarrassing” choices and insisted a “short two-and-a-half week delay” to his statement is the best course of action.

Mr Hunt told broadcasters: “I’ve demonstrated in the short time that I’ve been Chancellor that I’m willing to take decisions very quickly and I’m willing to make choices that are politically embarrassing if they’re the right thing to do for the country, if they’re in the national interest.

“Now we have a new Prime Minister and the prospect of much longer-term stability for the economy and the country.

“In that context a short two-and-a-half week delay is the best way we will make sure that it is the right decisions we take.”

Former chancellor Sajid Javid said the move to postpone the Chancellor’s fiscal announcement to November 17 was “sensible”.

Welcoming the move, he said: “Very sensible decision to delay and upgrade to a full Autumn Statement.”

Yesterday, the Scottish Government announced their budget would be delayed until after the UK Government statement.