Kwasi Kwarteng announces new date to reveal plan to reduce massive gov debts in bid to calm markets after Tory pressure | The Sun

KWASI Kwarteng has brought forward his highly-anticipated economic plan by almost a month in a bid to calm the market jitters.

In a Halloween statement on October 31, the Chancellor will try to reassure spooked investors that his recent tax-cutting spree will not saddle the nation with unsustainable debt.

He will also publish the Office for Budget Responsibility's economic forecast after initially refusing to do so.

In a letter to MPs, Mr Kwarteng revealed his "Medium Term Fiscal Plan" will now come on October 31 instead of November 23.

A series of announcements on immigration, childcare and other supply-side reforms will be unveiled in the next few weeks.

Mr Kwarteng today bowed to MPs demanding his economic plan to wrestle down borrowing was made as soon as possible.


Booze-up with bankers after announcing tax cuts was a mistake, admits Kwasi

Liz Truss and Kwasi Kwarteng ditch scrapping 45p tax rate after backlash

Responding to the Treasury Select Committee, he said: "I have decided to bring this date forward to 31 October.

"This forecast, in addition to the forecast that will be commissioned in spring, will fulfil the obligation for the Office for Budget Responsibility to produce at least two forecasts in a financial year, as is required by legislation."

Source: Read Full Article