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Chancellor Kwasi Kwarteng brings forward Medium-Term Fiscal Plan to Halloween

The Chancellor said the new date will allow the OBR to "capture data releases, such as the recent Quarterly National Accounts and Blue Book revisions"

Chancellor of the Exchequer Kwasi Kwarteng, and Prime Minister Liz Truss during a tribute to the late Queen Elizabeth II at the start of the Conservative Party annual conference at the International Convention Centre in Birmingham.(Image: Stefan Rousseau/PA Wire)

The Chancellor has brought forward his Medium-Term Fiscal Plan to Monday, October 31.

Kwasi Kwarteng revealed the move in a letter to chairman of the Commons Treasury Committee, Mel Stride.

He had previously said he would make the statement on November 23.

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In the letter, Mr Kwarteng said: "I have previously written to inform you that an economic and fiscal forecast will be published alongside the Medium-Term Fiscal Plan on 23 November. "I have decided to bring this date forward to 31 October.

"This forecast, in addition to the forecast that will be commissioned in spring, will fulfil the obligation for the Office for Budget Responsibility (OBR) to produce at least two forecasts in a financial year, as is required by legislation.

"Upon my arrival in office, I received preliminary analysis from the OBR, but I have since made significant policy announcements including the Growth Plan.

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"It is important that a forecast includes a full and final assessment of the impact of policy measures on the economy and public finances and, as such, it would not be appropriate to publish the initial analysis that the OBR provided.

"The new forecast date on 31 October will allow the OBR to capture data releases, such as the recent Quarterly National Accounts and Blue Book revisions.

"It will allow for a full forecast process to take place to a standard that satisfies the legal requirements of the Charter for Budget Responsibility enacted by Parliament and that also provides an in depth assessment of the economy and public finances.

"And it will provide time for the Medium-Term Fiscal Plan to be finalised. In the meantime, the Prime Minister and I met with the OBR’s Budget Responsibility Committee on Friday 30 September to discuss the economic and fiscal outlook, and we will continue to work closely together throughout the forecast process and beyond."

The Chancellor also said he wants to appear in front of the Commons Treasury Committee "soon after" October 31.

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