JEREMY HUNT will be making a mini-budget statement, fast-tracking some parts of the Medium Term Fiscal Plan by two weeks.
This is set to dump even more on Liz Truss‘ doomed £45billion tax-cutting plan.
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What time is Jeremy Hunt’s speech?
Jeremy Hunt will be making a statement this morning before he addresses the MPs in the House of Commons at 3.30pm.
The Government website announced: “This follows the Prime Minister’s statement on Friday, and further conversation between the Prime Minister and the Chancellor over the weekend, to ensure sustainable public finances underpin economic growth.
“The Chancellor will then deliver the full Medium-Term Fiscal Plan to be published alongside a forecast from the independent Office for Budget Responsibility on 31 October.
“The Chancellor met with the Governor of the Bank of England and the Head of the Debt Management Office last night to brief them on these plans.”
What will Jeremy Hunt say in mini-budget announcement?
The new chancellor doesn’t want to waste any more time and wants to show global markets that the Treasury is under new management, following the firing of Kwasi Kwarteng.
Today’s statements will include the Governmental effort to calm markets after borrowing costs rocketed.
He said: “We have to be honest with people and we are going to have to take some very difficult decisions both on spending and on tax to get debt falling, but at the top of our minds when making these decisions will be how to protect and help struggling families, businesses and people.”
Hunt is expected to delay the 1p cut in income tax and move that plan to 2024.
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He is expected to announce that the cut to 19% – which was presented by former Chancellor Rishi Sunak – will now come into effect.
Some public figures have been unsure of Truss’ leadership after Hunt stepped in and scrapped away her financial plan to help the country move forward from the cost of living crisis.
However, Conservative MP Sir Christopher Chope insisted on ITV‘s Good Morning Britain that the Prime Minister and the Chancellor “are working together as a team.”
How can I watch Jeremy Hunt’s speech?
You can watch Jeremy Hunt’s speech online on Parliament TV at 3.30pm.
You can access www.parliamentlive.tv and access all live session from the House of Commons, House of Lords and other committees.
