UK brings budget forward in another attempt to reassure markets

CNN Business

UK Finance Minister Kwasi Kwarteng will publish details of his plans to tackle ballooning government debt and kickstart economic growth on October 31, more than three weeks earlier than scheduled, in an attempt to reassure investors and restore the government’s badly damaged credibility.

Kwarteng announced the new date in a letter to the Treasury on Monday. He also confirmed that the Office for Budget Responsibility (OBR), the independent fiscal watchdog, will publish its assessment of the government’s midterm budget on the same day.

Investors have been pending clarity on a revised date for the budget, which was initially set for November 23. It was widely expected to be brought forward after Kwarteng’s “mini” budget on September 23 crashed the pound and sent shockwaves through financial markets with its promise of £45 billion ($49.8 billion) of unfunded tax cuts.

— This is a developing story and will be updated.

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