The Prime Minister and the Chancellor have agreed that the fiscal event will now take place on 17 November
The delayed Medium Term Fiscal Statement, originally scheduled for 31 October, will be held after the parliamentary recess and will be badged as an Autumn Statement.
It will be supported by an Office for Budget Responsibility (OBR) forecast and will contain the UK’s medium term fiscal plan ‘to put public spending on a sustainable footing, get debt falling and restore stability’.
Chancellor Jeremy Hunt has already canceled most measures announced in former Chancellor Kwasi Kwarteng’s mini Budget, including plans to not raise corporation tax to 25%, the 1p reduction in the base rate of income tax to 19% and the changes to IR35 rules for contractors.
The cut in National Insurance of 1.25% for employees and employers is going ahead from 6 November although it is possible this will be withdrawn and reintroduced from the new tax year on 6 April 2023.