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| Chancellor Jeremy Hunt to fast-track tax and spending measures | Chancellor Jeremy Hunt to fast-track tax and spending measures |
| (4 months later) | |
| Chancellor Jeremy Hunt is to fast-track many billions of pounds worth of tax and spending measures from his debt plan, announcing them a fortnight earlier than expected. | Chancellor Jeremy Hunt is to fast-track many billions of pounds worth of tax and spending measures from his debt plan, announcing them a fortnight earlier than expected. |
| The Treasury will outline details of the plans later on Monday. | The Treasury will outline details of the plans later on Monday. |
| The move is the latest in a series of U-turns after policies announced in the mini-budget sparked turmoil on financial markets. | The move is the latest in a series of U-turns after policies announced in the mini-budget sparked turmoil on financial markets. |
| It is designed to reassure investors that the UK's finances are sustainable. | It is designed to reassure investors that the UK's finances are sustainable. |
| The announcement of the £18bn U-turn on corporation tax on Friday and the firing of Kwasi Kwarteng as chancellor did not calm rising UK government borrowing costs. | The announcement of the £18bn U-turn on corporation tax on Friday and the firing of Kwasi Kwarteng as chancellor did not calm rising UK government borrowing costs. |
| However, following the news that Mr Hunt was bringing a statement forward to Monday, the pound gained around to trade above $1.13. The news also saw the interest rate - or yield - on UK government bonds fall. | However, following the news that Mr Hunt was bringing a statement forward to Monday, the pound gained around to trade above $1.13. The news also saw the interest rate - or yield - on UK government bonds fall. |
| On Sunday, Mr Hunt told the BBC that nothing was off the table. | On Sunday, Mr Hunt told the BBC that nothing was off the table. |
| Announcements by lunchtime and then a statement to the House of Commons will see many billions more in reversals of policy, to plug a hole in borrowing forecasts worth tens of billions. | Announcements by lunchtime and then a statement to the House of Commons will see many billions more in reversals of policy, to plug a hole in borrowing forecasts worth tens of billions. |
| "The chancellor will make a statement later today, bringing forward measures from the Medium-Term Fiscal Plan that will support fiscal sustainability," a Treasury spokesman said. | "The chancellor will make a statement later today, bringing forward measures from the Medium-Term Fiscal Plan that will support fiscal sustainability," a Treasury spokesman said. |
| New chancellor to set out mini-budget tax and spending plans | New chancellor to set out mini-budget tax and spending plans |
| The cut to National Insurance is expected to survive, as it has already very nearly passed through Parliament. | The cut to National Insurance is expected to survive, as it has already very nearly passed through Parliament. |
| More clarity on the extent of savings in public sector spending could also be on the cards. | More clarity on the extent of savings in public sector spending could also be on the cards. |
| The Treasury has confirmed that the measures brought forward from the debt plan "will support fiscal sustainability". | The Treasury has confirmed that the measures brought forward from the debt plan "will support fiscal sustainability". |
| There have been further conversations between the chancellor and the prime minister. Mr Hunt also met the Governor of the Bank of England, Andrew Bailey and the head of the Debt Management Office, which has to sell Britain's debt, to brief them on his plans. | There have been further conversations between the chancellor and the prime minister. Mr Hunt also met the Governor of the Bank of England, Andrew Bailey and the head of the Debt Management Office, which has to sell Britain's debt, to brief them on his plans. |
| Monday's moves, which could amount to a significant fiscal event in and of itself, are designed to reinject market confidence. | Monday's moves, which could amount to a significant fiscal event in and of itself, are designed to reinject market confidence. |
| The aftermath of Mr Kwarteng's mini-budget announcements on 23 September saw the pound slump to a record low of $1.03 and the cost of government borrowing rise sharply. | The aftermath of Mr Kwarteng's mini-budget announcements on 23 September saw the pound slump to a record low of $1.03 and the cost of government borrowing rise sharply. |
| Analysts welcomed the news of an announcement from Mr Hunt but said the figures would come under close scrutiny. | Analysts welcomed the news of an announcement from Mr Hunt but said the figures would come under close scrutiny. |
| "I think you'll see a positive reaction to the statement, assuming that the math adds up a bit more than it did before," Shanti Kelemen, chief investment officer at M&G Wealth, told the BBC. | "I think you'll see a positive reaction to the statement, assuming that the math adds up a bit more than it did before," Shanti Kelemen, chief investment officer at M&G Wealth, told the BBC. |
| The debt plan will still be published in a fortnight's time on 31 October, alongside an official forecast from the Office for Budget Responsibility. | The debt plan will still be published in a fortnight's time on 31 October, alongside an official forecast from the Office for Budget Responsibility. |
| Related Topics | |
| Liz Truss | |
| UK economy | |
| Jeremy Hunt |