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Britain delays release of midterm fiscal plan to November

The new British Prime Minister Rishi Sunak makes a statement at No.10 Downing Street on Tuesday. He said a fiscal plan for the country will be presented next month. Photo by Hugo Philpott/UPI
The new British Prime Minister Rishi Sunak makes a statement at No.10 Downing Street on Tuesday. He said a fiscal plan for the country will be presented next month. Photo by Hugo Philpott/UPI | License Photo

Oct. 26 (UPI) -- Britain's new Prime Minister Rishi Sunak and Chancellor Jeremy Hunt agreed to delay a midterm fiscal plan for the country until Nov. 17, the British Treasury said on Wednesday.

The Treasury said on Twitter that the "Autumn Statement" would include a plan "to put public spending on a sustainable footing, get debt falling & restore stability."

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In his first public comments since being named prime minister, Sunak warned that "difficult decisions" will have to be made to right the economic stability and confidence. He assured that the government would always protect the most vulnerable.

"We will restore economic stability in a fair and compassionate way," Sunak said.

The November statement will come with an independent forecast from the Office for Budget Responsibility. A "mini-budget" proposed by former Prime Minister Liz Truss did not have such as forecast.

Truss' plan to cut British taxes to historic levels while the country to fighting rapidly-rising inflation roiled the markets as the value of the British pound fell to new lows. Truss also rejected the idea of cutting government costs despite the tax cut plan. Her administration never recovered.

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Truss resigned last week under withering criticism over her economic plan. She beat Sunak less than two months ago touting tax cuts to boost the economy.

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