October finance plan is effectively a full budget, says new UK finance minister Pipa News

Britain’s new finance minister has acknowledged that a medium-term budget plan will now equate to a full budget, as he signaled a major shift in economic policies that brought Liz Truss to power.

In a series of interviews, Jeremy Hunt, who replaced Kwasi Quarteng as Chancellor on Friday after a day of great drama at Westminster, warned of ‘difficult’ decisions ahead as he indicated the country would consider tax hikes and could face tough spending. .

Mr Hunt will meet with officials later on Saturday and Ms Truss in Checkers on Sunday as he prepares to present a much-anticipated medium-term financial plan on October 31.

That statement, he told ITV’s Robert Peston on Saturday, is now effectively the equivalent of a budget – unlike Mr Quarteng’s now infamous ‘mini-budget’, released without accompanying analysis of the Office of Budget Responsibility.

Quasi Quarteng’s mini-budget plunged the UK government and economy into crisis. Photo: Aaron Chown/PA

Mr Hunt said he would provide ‘fairly’ a ‘reasonable’ budget.

“We are going to talk about taxation,” he said. “We are going to talk about expenses, we are going to talk about medium and long-term plans.”

Earlier, Mr Hunt declined to go into details of a package to be delivered in two weeks, but indicated that neither health nor defense spending would be immune to potential cuts.

He also declined to say whether earnings would rise with inflation, which a large group of conservative lawmakers demanded.

Louis R. Hancock