UK Treasury chief delays detailing new economic plansLONDON (AP) — U.K. Treasury chief Jeremy Hunt on Wednesday delayed his much-anticipated economic statement until Nov. 17, giving new Prime Minister Rishi Sunak a chance to weigh in on policies meant to stabilize the country’s finances after his predecessor’s tax-cutting plans triggered market upheaval. Financial markets have recovered since Hunt became Treasury chief two weeks ago and threw out most of Truss’ economic plan. The British currency and government bonds held on to recent gains after the economic statement was delayed, suggesting investors are willing to give Hunt time to make sure he and Sunak agree on the new government’s economic policies. The delay means the Bank of England will have to make its next interest rate decision before it knows the details of the government’s tax and spending plans. “I fully appreciate how hard things are,” Sunak said outside the prime minister’s official residence at 10 Downing Street.

Source: CBC News October 26, 2022 12:13 UTC