The new British Prime Minister, Rishi Sunak, has postponed the presentation of the draft general budget for two weeks after the financial turmoil raised by the previous government, amid a suffocating economic crisis in the country.
He was expected to introduce new fiscal measures on October 31 aimed at reassuring markets of long-term financial stability.
Following the first cabinet meeting, UK Chancellor Jeremy Hunt said he agreed with Rishi Sunak that it was “wise” to delay the presentation of the budget plan until 17 November.
“It is very important that this presentation is based on the most accurate economic and fiscal forecasts,” he explained.
Today, Wednesday, Sunak, who became Britain’s third prime minister in less than 50 days, faced MPs in the House of Commons for the first time during an impeachment hearing amid an explosive social situation due to high prices.
Source: AFP