Halloween mini-budget delayed by two weeks, Number 10 says

It will now be held on Thursday, November 17.

Number 10 says the move is ‘prudent’, and the decision was made in conference with the Bank of England.

It comers after Foreign Secretary James Cleverley said on media rounds this morning that the announcements could be pushed back.

The Government is expected to find significant savings in the announcement, in part to fill a hole caused by the last mini-budget.

After the announcement of unfunded tax cuts by the previous chancellor Kwasi Kwarteng, market reaction forced the Government cost of borrowing up and the value of the pound down, meaning imports became more expensive.

It comes at a time when national inflation is above 10 per cent, creating significant financial hardship across the country.

In yesterday’s cabinet reshuffle, new Prime Minister Rishi Sunak appointed several new ministers who have previously spoken out against any cuts to departmental budgets, including Defence Secretary Ben Wallace, who has publicly pledged to resign should defence spending be reduced.

If Government spending is not to be reduced in real terms, it is expected there would need to be further tax rises.

Speaking after the delay was announced, Chancellor Jeremy Hunt said it is “prudent” to delay his fiscal announcement, and that it would be “upgraded to a full autumn statement”.

Mr Hunt said: “I want to confirm that it will demonstrate debt falling over the medium term which is really important for people to understand.

“But it’s also extremely important that that statement is based on the most accurate possible economic forecasts and forecasts of public finances.

“And for that reason the Prime Minister and I have decided it is prudent to make that statement on November 17 when it will be upgraded to a full autumn statement.”

Mr Hunt said he discussed the move with Bank of England Governor Andrew Bailey on last night, adding he “understands the reasons for doing that and I’ll continue to work very closely with him”.