Jeremy Hunt is to bring forward tax and spending plans to this morning, according to a statement released by the Treasury at 6am. The timing of the announcement will no doubt have been chosen to try and preemptively calm the markets before they open. This will be in addition to the medium-term plan on Halloween, reviewed by the OBR.
It’s expected the announcement will see additional elements of Kwasi’s mini-budget ripped up, including the government’s plan to bring forward the new 19p basic rate of income tax.
Labour now believes in more of the mini-budget’s tax-cutting policies than the government…
The Treasury says:
“The Chancellor will make a statement later today, bringing forward measures from the Medium-Term Fiscal Plan that will support fiscal sustainability.
He will also make a statement in the House of Commons this afternoon.
This follows the Prime Minister’s statement on Friday, and further conversations between the Prime Minister and the Chancellor over the weekend, to ensure sustainable public finances underpin economic growth.”
Chairman of the Treasury Select Committee Mel Stride has already welcomed the move. Will it calm the markets enough to shore up backbench support of the PM?