Chancellor to present financial plan in November

The budget plan will show how much debt will decline as a percentage of GDP over the medium term, following concerns about rising borrowing costs needed to fund Kwarteng’s tax cuts.

The pound fell to just $1.0327 at the start of Asian trading on Monday (September 26th), its lowest level since decimalisation in 1971, before regaining ground to around $1.05 later in the day.

Retailers branded the government’s mini-budget a “gambling”, after Chancellor Kwarteng unveiled a series of sweeping tax cuts on Friday (September 23rd).

The Independent Office for Budget Responsibility (OBR) will release its updated forecast for the economy in November.

The Chancellor also confirmed that there will be a budget in the spring, with a new forecast from the OBR.

“Cabinet ministers will announce further supply-side growth measures in October and early November, including changes to the planning system, business regulations, childcare, immigration, productivity agriculture and digital infrastructure,” the Treasury said.

“Next month, the Chancellor, as part of this agenda, will introduce regulatory reforms to ensure the UK’s financial services sector remains globally competitive.”