Chancellor to publish Medium-Term Fiscal Plan on 31 October

The Treasury has confirmed that Chancellor Kwasi Kwarteng will publish a Medium-Term Fiscal Plan on 31 October.

The Chancellor has also commissioned the Office for Budget Responsibility (OBR) to publish an economic forecast on the same date.

The Fiscal Plan had originally been scheduled for publication on 23 November – however, the Chancellor has brought forward its publication to help stabilise markets after his recent Mini Budget sparked economic turmoil.

Experts expect the fiscal statement to outline how the Chancellor intends to pay for £43 billion worth of tax cuts. In a letter to Mel Stride, Chair of the Treasury Select Committee, Mr Kwarteng stated that it is important that the OBR’s economic forecast ‘includes a full and final assessment of the impact of policy measures on the economy and public finances’.

Commenting on the matter, Mr Stride said: ‘Having pressed so hard on this I strongly welcome the decision by Kwasi Kwarteng to bring forward the OBR forecast to 31 October. If this lands well with markets then the Monetary Policy Committee (MPC) meeting on 3 November may result in smaller rise in interest rates.’

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