Kwarteng to set out medium-term fiscal plan in November

Treasury says chancellor's plan will set out further details on the government’s fiscal rules
The fiscal plan follows last week's mini-budget. Photo: Tejas Sandhu/SOPA Images/Sipa USA/Alamy Stock Photo

Chancellor Kwasi Kwarteng will set out a medium-term fiscal plan in November ahead of a Budget in the spring, it has been confirmed.

The pound plunged to its lowest-ever level against the dollar earlier today before rebounding slightly following a mini-budget on Friday.

Kwarteng last week unveiled a series of measures which took financial markets by surprise, including scrapping the 45% tax band for people who earn over £150,000.

He warned in the fiscal statement that departments will need to “work more efficiently” in the coming months and prioritise growth as part of a “disciplined approach to spending”.

In a statement yesterday, the Treasury said ministers would announce further supply-side growth measures in October and early November, including changes to the planning system, business regulations, childcare, immigration, agricultural productivity, and digital infrastructure.

The chancellor will also outline regulatory reforms to “ensure the UK’s financial services sector remains globally competitive” ahead of setting out a medium-term fiscal plan on 23 November.

The fiscal plan will set out further details on the government’s fiscal rules, including ensuring that debt falls as a share of GDP in the medium-term, the Treasury said.

Earlier, opposition parties demanded the recall of parliament after the pound fell to its lowest-ever level against the dollar. It has since recovered slightly. 

This article first was first published by CSW's sister title Holyrood

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