The financial statement for the United Kingdom has been pushed up to November 17 from October 31. While the budget's specifics have yet to be revealed, Sunak acknowledged that combating inflation will be a priority as he faced questioning from fellow parliamentarians for the first time.
LONDON — The fiscal statement for the United Kingdom has been pushed up to November 17 from Oct. 31.
According to HM Treasury, the budget will include the country's medium-term fiscal plan to "reduce public spending on a sustainable basis, get debt down, and restore stability."
Unlike the so-called mini-budget that sent markets into a tailspin on Sept. 23, the government's fiscal statement will be backed by an independent prediction from the Office for Budget Responsibility.
Finance Minister Jeremy Hunt said he and newly appointed Prime Minister Rishi Sunak had determined it would be "prudent" to postpone the fiscal declaration, which has now been upgraded to a complete fall statement.
"Our number one objective is economic stability and restoring confidence that the United Kingdom is a country that pays its way," Hunt told Sky News on Wednesday.
While the budget's specifics have yet to be revealed, Sunak acknowledged that combating inflation will be a priority as he faced questioning from fellow parliamentarians for the first time.
"Inflation is the adversary that makes everyone poorer," Sunak stated Wednesday in the House of Commons.
According to the Office for National Statistics, inflation in the United Kingdom rose to a 40-year high of 10.1% in September.
Sunak reinstates the fracking ban
Sunak has pledged to ban fracking on his first full day as prime minister, overturning a decision made by his predecessor, Liz Truss.
Sunak stated in Parliament on Wednesday that he supported the Conservative Party's 2019 manifesto vow on fracking, which stated that the party would "not support fracking unless the science clearly proves that it can be done safely."
According to Reuters, when a reporter questioned a Sunak official whether this meant fracking was "back in the bin," they said, "that's right."
Sterling soared to a six-week high Wednesday morning after Sunak met with his cabinet for the first time, despite anticipation that the budget statement may be postponed.
The pound was recently trading at approximately $1.156, up 0.8% against the dollar.
Sunak became Britain's third prime minister in 50 days on Tuesday, following Truss' resignation after her financial policies failed and caused market chaos.
The change of prime minister came after a hurried Conservative Party leadership contest. Following a drop in opinion polls and a drop in approval ratings, the ruling party is trying to stabilize the economy and regain public trust.
On Wednesday morning, Foreign Minister James Cleverly requested that the budget announcement be postponed.
Cleverly told the BBC that Sunak will collaborate with Finance Minister Jeremy Hunt to "get it right," and that Hunt wanted the financial statement to "meet his aims."