London
CNN business
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UK Treasury Secretary Kwasi Kwarteng is to release details of his plans to tackle rising public debt and boost economic growth on October 31, more than three weeks ahead of schedule, in a bid to reassure investors and restore the government’s badly damaged credibility.
Kwarteng announced the new date in a letter to the Ministry of Finance on Monday. He also confirmed that the Office for Budget Responsibility (OBR), the independent budget watchdog, will publish its assessment of the government’s medium-term budget on the same day.
Investors have been waiting for clarity on a revised budget date, originally set for November 23. It was widely expected to be brought forward after Kwarteng’s ‘mini’ budget on September 23 brought the pound down and sent shockwaves through financial markets with its promise of £45bn ($49.8bn) to no funded tax cuts.
— This is an evolving story and will be updated.
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