Chancellor of the Exchequer Kwasi Kwarteng is to set out the Government’s medium-term financial plan on the 23rd of November.
Part of that plan will include regulatory reforms “to ensure the UK’s financial services sector remains globally competitive”.
The announcement from the Chancellor was made as the Treasury and the Bank of England try to get on top of what has been a turbulent day for the UK economy.
Bank of England Governor Andrew Bailey has said that the Central Bank could increase interest rates if the need arises.
While the Government is trying to calm markets on a day when the Pound has hit record lows and markets are in turmoil.
Today’s events have seen a number of lenders pause mortgage lending as they assess the impact of what has occurred.
In a statement, the Treasury said: “On Friday 23rd September, the Chancellor of the Exchequer, the Rt Hon Kwasi Kwarteng MP, set out how the government would fulfil its commitment to cut taxes for people and businesses and announced wider supply side policies to grow the economy.
“Building on this, as the Growth Plan set out on Friday, Cabinet Ministers will announce further supply side growth measures in October and early November, including changes to the planning system, business regulations, childcare, immigration, agricultural productivity, and digital infrastructure.
“Next month, the Chancellor will, as part of that programme, outline regulatory reforms to ensure the UK’s financial services sector remains globally competitive.
“He will then set out his Medium-Term Fiscal Plan on 23rd November.
“The Fiscal Plan will set out further details on the government’s fiscal rules, including ensuring that debt falls as a share of GDP in the medium-term.
“In the Growth Plan on Friday, the Chancellor set out that there would be an Office for Budget Responsibility forecast this calendar year. He has requested that the OBR sets out a full forecast alongside the Fiscal Plan, on 23rd November.
“As the Chief Secretary to the Treasury set out this weekend, the government is sticking to spending settlements for this spending review period.”
The Chancellor also confirmed that there will be a Budget in the Spring, with a further OBR forecast.
