The planned medium-term fiscal plan announcement on October 31st will be “pretty much” a full Budget, new Chancellor Jeremy Hunt has admitted.
Speaking to ITV’s Robert Peston today the Chancellor confirmed that taxes and spending would be addressed as the Government tries to reassure markets.
When asked by Peston if it was effectively a full Budget Hunt said: “Pretty much so, we’re going to be talking about tax, we’re going to be talking about medium and long-term plans.
“These are unprecedented times. That’s why we need to do this.”
The Chancellor also addressed the state of the economy, and the worries facing mortgage holders at present.
He told Peston: “I know that the instability we have had in the last few weeks has been immensely worrying for families up and down the country with mortgages.
“Chancellors can’t control markets… but what we can do is give the markets confidence that we are accounting for every penny of our tax and spending plans.
“I want to be honest with people on the direction of travel. We’re going to have to make difficult decisions on spending, it won’t go up by as much as people want. I’m going to ask everyone [in Government] for more efficiency savings.
“But there are going to be difficult decisions on tax as well. It won’t go down as quickly as thought [and] some taxes will go up. Across the board, it’s going to be difficult.
“The one thing I want to say to people worrying about these difficult decisions is that the values [we will use] to see every decision through [will be] to protect families, businesses that are struggling, [and] the most vulnerable people.
“This is a compassionate Conservative Government. We will be thinking of these people as we take these decisions.
“I have real long-term confidence in Britain and its economy.”
