Kwasi Kwarteng’s debt plan explained as Chancellor brings it forward in second U-turn 🔴 Explained by elle_odwyer
In a second major U-turn for the new Chancellor Kwasi Kwarteng on Monday night announced he would bring forward his ‘medium-term fiscal plan’, alongside published forecasts from the OBR
The Chancellor spoke at the Conservative Party conference on Monday night, repeating many of his lines from his mini-Budget Kwasi Kwarteng has announced he will bring forward his “medium-term fiscal plan”, detailing how the Government will pay for its multi-billion pound tax-cut package,It follows his and Prime Minister Liz Truss’s dramatic reversal
It is understood the debt plan has been brought forward and will now come “shortly” rather than the previous date of Wednesday 23 November. It is likely to be released by the end of the month, a treasury source toldIt will be accompanied by a full economic forecast from the Office for Budget Responsibility , which is also being brought forward.The “medium-term fiscal plan” is expected to outline how the Government plans to manage the UK’s debt, and how its min-Budget tax cuts will be paid for.
she will uprate benefits in line with inflation, and is instead expected to announce plans to raise benefits around 5.4 per cent in line with earnings, in a move that would save the Government around £5bn.programme on Tuesday, Ms Truss said: “We are going to have to make decisions about how we bring down debt as a proportion of GDP in the medium term.”
The fiscal plan will be released alongside published forecasts from the OBR, the UK’s independent budget watchdog. These will scrutinise how the Government’s tax-cutting agenda will be costed, and reveal whether public spending cuts are needed to avoid an unsustainable debt spiral. It will also publish forecasts for economic growth.
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