The fiscal statement is expected to detail how the chancellor intends to pay for £43bn of tax cuts as well as plans to reduce debt. An independent forecast of how the economy will perform in coming years will be published at the same time.
The new date means Mr Kwarteng’s fiscal statement will be published before the Bank of England announces its latest decision on interest rates on 3 November. The Bank’s Monetary Policy Committee (MPC) is widely expected to raise interest rates for the eighth time since last December with many economists forecasting a sharper rise than previous increases.
But Mel Stride, chairman of the Treasury Select Committee, tweeted that he hoped Mr Kwarteng’s decision to release the report earlier would result in a smaller rate rise. He tweeted: “If this lands well with markets then MPC meeting on 3rd Nov may result in smaller rise in interest rates. Critical to millions of mortgage holders.”
The OBR, the independent budget watchdog, will now publish a report alongside Mr Kwarteng’s statement at the end of October. Its forecasts will give an indication of the health of the nation’s finances.
There was confusion last week after government sources briefed journalists that Mr Kwarteng would bring forward his fiscal statement to October, only for the chancellor and prime minister to contradict this a day later.
Yet more “revisions” from the shambolic Truss government … 
