BBC News 26 October 2022
A much-anticipated statement on the UK's tax and spending will now take place two weeks later than planned.
The economic plan was due next Monday, but will now take place on 17 November as a full Autumn Statement - which will look and feel like a budget.
It follows Rishi Sunak's appointment as prime minister on Tuesday, after he replaced Liz Truss as Tory leader.
Speaking to reporters, Mr Hunt said the statement would set out plans to see UK debt "falling over the medium term".
He is under pressure to reassure investors of the UK's economic credibility, following financial turmoil after last month's mini-budget.
The statement was originally scheduled for 23 November by the previous chancellor Kwasi Kwarteng, after the mini-budget pushed up UK government borrowing costs.
It was then pulled forward to 31 October in a bid to calm financial turmoil, but will now be pushed back after Mr Sunak's entry to No 10.
After Mr Hunt's appointment by Liz Truss, he abandoned almost all of the tax cuts in the mini-budget announced by Mr Kwarteng.
Mr Hunt said the economic plan would be "upgraded" to a full autumn statement, suggesting wider tax decisions will be announced.
He said the new "short two-and-a-half week delay" would ensure the tax and spending plans "stand the test of time".
And he said he had discussed the delay to the economic statement with the governor of the Bank of England, who "understands" the decision.
The Bank is due to make its next decision on interest rates on 3 November.
'Crashed the economy'
Shortly after the delay was confirmed, Mr Sunak warned "difficult decisions" lie ahead to "restore economic stability and confidence".
Speaking at his first Prime Minister's Questions, he declined an opportunity to commit outright to raising working-age benefits in line with inflation, but he pointed to his record over the pandemic and pledged to "protect the most vulnerable".
Labour leader Sir Keir Starmer said the Conservatives had "crashed the economy and now somebody has to pay for their mess".
He added that working people had been "hammered time and again" and "those with broadest shoulders must step up".
I've said it before, and here's another moment where I can say it again: diaries have gone out of fashion at Westminster.
The one date in the diary that had at least a bit if stickability, has become…unstuck…and moved.
The statement scheduled for next Monday will now happen on Thursday 17 November, alongside a full forecast from the Office for Budget Responsibility.
The justification at the top of government for doing this is the markets have stabilised since Liz Truss said she was walking the plank, so there isn't the urgency to act immediately that there was.
It is also likely to mean those forecasts don't look quite so gloomy.
Oh, and it'll give the new prime minister and new-ish chancellor a bit longer to work out quite what they are going to do.
