Hunt prepares to unravel Truss’s ‘Growth Plan’
The new chancellor, Jeremy Hunt, is expected to reverse more of the prime minister’s “Growth Plan” in a statement later today (17 October).
Appearing to confirm speculation that Hunt was now in the driving seat, an update from the Treasury this morning 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.”
The new chancellor, Jeremy Hunt, is expected to reverse more of the prime minister’s “Growth Plan” in a statement later today (17 October).
Appearing to confirm speculation that Hunt was now in the driving seat, an update from the Treasury this morning 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.”
The short announcement appeared to confirm rumours over the weekend that even more of Liz Truss’s economic policies were being junked, citing “further conversations between the prime minister and the chancellor over the weekend, to ensure sustainable public finances underpin economic growth”.
It added that the chancellor will deliver the full Medium-Term Fiscal Plan, alongside a forecast from the Office for Budget Responsibility, on 31 October.
A planned 1p cut in the basic rate of income tax could be postponed once more, while the new VAT-free shopping scheme for tourists could be abandoned.
In a further indication that Hunt’s plans would be about “sound money” rather than radical attempts to promote growth, the Treasury confirmed that the chancellor met last night with the governor of the Bank of England, Andrew Bailey, and Sir Robert Stheeman, the head of the Debt Management Office.
To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews
