The new UK prime minister, Rishi Sunak delayed the announcement of the fiscal statement which is a public report of UK’s finances.
Sunak has delayed the reveal of financial statement until November 17th.
The new PM takes over the economy when it is going through a financial turmoil as the banks of UK has raised the interest rates to tame the high inflation rate. Also, rising borrowing costs have put a strain on a struggling economy.
He told the parliament that there will be difficult decisions, “I have been honest. We will have to take difficult decisions to restore economic stability and confidence.” The government is planning to cut spending and cancel tax.
The finance minister, Jeremy Hunt suggests that he needs more time to ensure that the new plan took into account the complete economic forecast.
When asked about the plans regarding the plugging of $40 billion hole in the economy, Sunak’s press secretary said that she would not speculate ahead of November 17th.
