![Pinterest](https://pinterest.com/pin/create/button/?url=https://uknews.evprotec.com/uk-tax-and-spending-plan-pushed-back-by-two-weeks-says-hunt/&media=https://uknews.evprotec.com/wp-content/uploads/2022/10/127342248_hunt_getty.jpg&description=Media caption, Chancellor Jeremy Hunt says an Autumn Statement will take place on 17 NovemberA much-anticipated statement on the UK's tax and spending will now take place two weeks later than planned. The economic plan was due next Monday, but will now take place on 17 November as a full Autumn Statement - which will look and feel like a budget.Chancellor Jeremy Hunt said the delay would ensure it is based on the "most accurate possible" economic forecasts.It follows Rishi Sunak's appointment as prime minister on Tuesday, after he replaced Liz Truss as Tory leader. Speaking to reporters, Mr Hunt said the statement would set out plans to see UK debt "falling over the medium term".He is under pressure to reassure investors of the UK's economic credibility, following financial turmoil after last month's mini-budget.The statement was originally scheduled for 23 November by the previous chancellor Kwasi Kwarteng, after the mini-budget pushed up UK government borrowing costs. It was then pulled forward to 31 October in a bid to calm financial turmoil, but will now be pushed back after Mr Sunak's entry to No 10.After Mr Hunt's appointment by Liz Truss, he abandoned almost all of the tax cuts in the mini-budget announced by Mr Kwarteng.Mr Hunt said the economic plan would be "upgraded" to a full autumn statement, suggesting wider tax decisions will be announced.He said the new "short two-and-a-half week delay" would ensure the tax and spending plans "stand the test of time".And he said he had discussed the delay to the economic statement with the governor of the Bank of England, who "understands" the decision. The Bank is due to make its next decision on interest rates on 3 November.Shortly after the delay was confirmed, Mr Sunak warned "difficult decisions" lie ahead to "restore economic stability and confidence".Speaking at his first Prime Minister's Questions, he declined an opportunity to commit outright to raising working-age benefits in line with inflation, but he poi){kind=link}
This video can not be played
Chancellor Jeremy Hunt says an Autumn Statement will take place on 17 November
A much-anticipated plan for UK tax and spending has been delayed by more than two weeks.
It was due on Monday, but Chancellor Jeremy Hunt said moving it to 17 November would mean it was based on the “most accurate” economic forecasts.
Mr Hunt had already scrapped his predecessor’s plans for huge tax cuts which had sparked market turmoil due to fears over how they would be paid for.