Chancellor Jeremy Hunt to make emergency statement on fiscal plan today

Chancellor Jeremy Hunt will deliver a statement later today, bringing forward measures from the medium-term fiscal plan.

The move is aimed at supporting fiscal sustainability, the Treasury has said.

The announcement comes following the chaos sparked by his predecessor Kwasi Kwarteng’s mini budget on September 23.

Mr Hunt replaced Kwasi Kwarteng as Chancellor on Friday.

In a statement released ahead of the markets opening this morning, the Treasury said: “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.”

“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.”

The Chancellor @Jeremy_Hunt will make a statement this morning, bringing forward measures from the Medium-Term Fiscal Plan that will support fiscal sustainability.

A statement to @HouseofCommons will follow this afternoon.

Read more: https://t.co/iA4DkquxaP pic.twitter.com/d29N5vaxrC

— HM Treasury (@hmtreasury) October 17, 2022