New Prime Minister Rishi Sunak’s office postpones crucial budget plan until November 17 as chancellor says ‘delay is justified’

The office of incoming Prime Minister Rishi Sunak said on Wednesday that the long-awaited UK budget plan has been delayed until November 17.

The chancellor briefed the cabinet on the status of the fiscal event. From what was read during Sunak’s first cabinet meeting, it seems the prime minister and chancellor have settled on moving the fiscal event to November 17.

Jeremy Hunt, the UK’s foreign minister, said the delay was reasonable given the circumstances. A new prime minister and the promise of more long-term economic stability mean that “a little delay of two and a half weeks is the best option; we will make sure that it is the appropriate choices that we make,” he said.

On Wednesday, when Sunak resumed normal operations after weeks of political upheaval, he made the news. Former Prime Minister Liz Truss, who resigned on Tuesday, sent financial markets into a tailspin with her reckless proposal to slash taxes using borrowed money.

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