 exit of Liz Truss as Prime Minister, Rishi Sunak took over the reins – and with a new PM came a new Cabinet. However, among Mr Sunak's reshuffling, one of the MPs who served during Truss' tenure remained in post – Chancellor of the Exchequer Jeremy Hunt. Mr Hunt replaced Kwasi Kwarteng, Truss' first Chancellor, in what was widely viewed as a bid to calm the markets following the disastrous mini-budget introduction and to return to economic stability. Part of Mr Hunt's responsibility will be to unveil a new budget. So, when can we expect it, and what could it look like? When is the new budget announced? The Prime Minister delayed the first financial statement from Mr Hunt, but it is due to take place this week on Thursday, November 17. Hunt was originally due to make a statement on October 31, but the decision was made to produce an Autumn Statement instead – a budget in everything but name. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video This will be the first opportunity for the Chancellor to show what kind of economic policies he will introduce, and his decisions will impact households across the country, especially as we enter the winter months during the ongoing cost of living crisis. The Chancellor has previously talked about having to make 'decisions of eye-watering difficulty' ahead of the Statement. What might we expect from the budget? It's expected, due to the omnipresent problems facing the country at large, that the Statement will focus on areas such as benefits and pensions and address the rising cost of living and inflation. LBC report that, according to a Treasury source, Mr Hunt has already sought advice for the Autumn Statement from ex-chancellor George Osborne, who oversaw a period of austerity following the 2008 financial crisis. Whether this is a sign that Mr Hunt will implement similar measures remains to be seen. What could be included in the autumn budget? E){kind=link}
NEWS… BUT NOT AS YOU KNOW IT
With the (rather swift) exit of Liz Truss as Prime Minister, Rishi Sunak took over the reins – and with a new PM came a new Cabinet.
However, among Mr Sunak’s reshuffling, one of the MPs who served during Truss’ tenure remained in post – Chancellor of the Exchequer Jeremy Hunt.
Mr Hunt replaced Kwasi Kwarteng, Truss’ first Chancellor, in what was widely viewed as a bid to calm the markets following the disastrous mini-budget introduction and to return to economic stability.
Part of Mr Hunt’s responsibility will be to unveil a new budget.