UK chancellor brings his finance plan forward

UK chancellor brings forward the date of his plan to balance the government’s finances, but fails to reassure markets

UK Chancellor Kwasi Kwateng has announced he will unveil his latest financial strategy early, on October 31.

Government borrowing costs rose sharply off the back of this news.

The plan will attempt to fund tax cuts and reduce the nation’s debt following that disastrous mini-budget back in September which sent the markets tumbling.

An independent forecast of the UK economy will also be published at the same time.

The plan was originally supposed to be announced on November 23, but was brought forward to in an attempt to quell market unrest.

The fast-tracked timetable also means the Bank of England will be able to evaluate the government’s tax and spending plans announcing the next interest rate decision on November 3.

Labour leader Sir Keir Starmer has welcomed the new earlier date.

“I’m pleased they brought forward this date, to begin the process, but what I would do now is reverse that ‘kamikaze’ mini-budget,” Starmer said.