JEREMY HUNT will make a mini-budget statement, speeding up parts of the medium-term budget plan by two weeks.
This is set to dump even more on Liz Truss’ doomed £45billion tax cut plan.
What time is Jeremy Hunt’s speech?
Jeremy Hunt will deliver a statement this morning (17 October 2022) before addressing MPs in the House of Commons at 3.30pm.
The government website said: “This follows the Prime Minister’s statement on Friday and the continuation of the conversation between the Prime Minister and the Chancellor over the weekend, to ensure that sustainable public finances support the economic growth.
“The Chancellor will then present the comprehensive medium-term budget plan which will be published alongside a forecast by the Independent Office for Budget Responsibility on 31 October.
“The Chancellor met the Governor of the Bank of England and the head of the Debt Management Office last night to brief them on these plans.”
What will Jeremy Hunt say in the mini-budget announcement?
The new chancellor does not want to waste any more time and wants to show the world markets that the Treasury is under new management, following the dismissal of Kwasi Kwarteng.
Statements today will include the government’s effort to calm markets after soaring borrowing costs.
He said: “We have to be honest with people and we’re going to have to make very tough decisions both on spending and on taxes to get the debt down, but when making those decisions we think first and foremost how to protect and help families, businesses and people in difficulty.”
Hunt is expected to delay the 1p income tax cut and move that plan to 2024.
He is expected to announce that the 19% reduction – which was introduced by former Chancellor Rishi Sunak – will now come into effect.
Some public figures were unsure of Truss’ leadership after Hunt stepped in and scrapped his financial plan to help the country out of the cost of living crisis.
However, Tory MP Sir Christopher Chope insisted on ITV’s Good Morning Britain that the Prime Minister and Chancellor “work as a team”.
How can I watch Jeremy Hunt’s speech?
You can watch Jeremy Hunt’s speech online on Parliament TV at 3.30pm.
You can go to www.parliamentlive.tv and access all live sessions of the House of Commons, House of Lords and other committees.