Jeremy Hunt has delayed the announcement of the government’s economic plan from Halloween to 17 November, saying it will help ministers make “difficult decisions… that stand the test of time”.
A medium term fiscal statement was due to be delivered by the chancellor in the Commons on 31 October – along with a forecast from the Office for Budget Responsibility – after Liz Truss’s tax slashing mini-budget last month left a blackhole in government finances and the markets in turmoil.
But it will now be put back by more than two weeks and be turned into a full autumn statement – expanding its remit and providing longer term plans.
Mr Hunt, who remains as chancellor in Rishi Sunak’s new cabinet, said he had made the recommendation to the new prime minister to ensure any decisions are based on “accurate economic forecasts”.
And he said he was “willing to make choices that are politically embarrassing if they’re the right thing to do for the country”.
Asked if it was wise to change it now, Mr Hunt said Mr Sunak’s entrance to Number 10 meant there was “the prospect of much longer term stability for the economy in the country – and in that context, a short two and a half week delay is the best way we will make sure that it is the right decisions we take”.
Image: Rishi Sunak kept Jeremy Hunt in post after he became prime minister on Tuesday.
The chancellor added: “There has been a lot of market turbulence even in the last 48 hours, and the question is how you deal with that turbulence to make sure that the very, very important, very difficult decisions that I and the prime minister have to make are the right ones – decisions that stand the test of time and do the right thing for people at home who are worried about their mortgages, their jobs, the cost of living, the bills and so on.
“And for that reason, accuracy in the forecasts both around public finances and economic growth is very important, and that’s why this is the right decision and a prudent decision.”
By calling the 17 November announcement an “autumn statement”, the Treasury is signalling that this is a bigger deal than the announcement originally envisaged, unattractively known as the medium term fiscal statement.
However, it is also still significant they are not calling it either a budget, with a full review of tax and spending measures, or a spending review, where every government department’s budgets are set for years to come.
The job of the statement is to identify the size of the black hole the government needs to fill, and how they are going to fill it. It will be accompanied by the Office for Budget Responsibility growth forecast.
Given the job it’s going to have to do, with some curbs to spending, it is likely to feel like a “spending review-lite”. However it could also include some tax measures, like a new system to cap the profits from renewable energy regeneration, as well as a decision about benefit uprating.
Ultimately titles don’t matter in times of crisis – Liz Truss labelled her September statement a “mini budget”, yet this was the biggest set of spending announcements in one day every seen in modern times.
But Liberal Democrat MP Sarah Olney said the delay “risks leaving mortgage borrowers, pensioners and struggling families under a damaging cloud of uncertainty”.
She called on the PM to confirm benefits and pensions will be up-rated in line with inflation, and that there will be no cuts to public services, including the NHS.
“Sunak was installed by Conservative MPs into Number 10 without anyone voting for him, and without telling anyone about his plans for the country,” she said.
“The public deserve to know immediately what lies in store, and that they will not be made to pay for the Conservative Party trashing our economy.”
How did we get here?
Ms Truss came to power in September off the back of a summer of campaigning for lower taxes and higher growth.
A mini-budget by her chancellor Kwasi Kwarteng spooked the markets, leading to the pound plunging, mortgages being withdrawn, and the Bank of England being forced to intervene.
Image: Liz Truss and Kwasi Kwarteng announced huge plans based on government borrowing that sent the markets into a spin.
He was replaced by Mr Hunt and within three days had reversed nearly all of the policies.
Ms Truss resigned in the same week, and has now been replaced by Mr Sunak, who promised on the steps of Downing Street that “economic stability and confidence [would be] at the heart of this government’s agenda”.
There were hints the statement could be delayed on Wednesday when Foreign Secretary James Cleverly could not confirm the date to Sky News.
And later that morning, a Treasury source told our political editor Beth Rigby that it was “very possible”.
A Sandringham photograph of Andrew Mountbatten-Windsor from the Epstein files has resurfaced at a particularly uncomfortable moment for the Royal Family, just days before they gather at the estate for Christmas.
Andrew is set to move to the King’s private Norfolk estate in the next few months, after he was officially stripped of his titles, honours, and his large home on the Windsor estate.
The picture was among the thousands of Epstein files by the US Department of Justice.
It shows Andrew lying across the laps of several women whose faces have been redacted.
Looking on and laughing is Ghislaine Maxwell, Jeffrey Epstein’s former girlfriend.
The photo was taken in the stately saloon room at Sandringham House in Norfolk.
Image: Prince Charles, now King Charles III, in the same room at Sandringham with Prince Edward in 1969. Pic: PA
Although the image is undated, we know Andrew organised a shooting weekend in 2000 for Ghislaine’s birthday.
It is a picture of intimate access to the inner royal sanctum.
Sandringham is a private royal retreat, and no one is invited here by chance.
Royal biographer, Andrew Lownie, said royal residences were used as “party places” by Andrew.
Image: Andrew at the Royal Family’s Christmas Day service on the Sandringham estate in 2022. Pic: Reuters
“Epstein and Ghislaine took advantage of this,” he said. “They went to Balmoral, Sandringham and Windsor … This showed people just how close they were to the Royal Family.”
There’s no suggestion the wider family knew Epstein, but the timing is deeply awkward. This week Sandringham will once again host the Royal Family’s traditional Christmas gathering.
And the King will deliver his Christmas message to the country and Commonwealth.
Andrew isn’t invited to Sandringham and will be spending Christmas elsewhere. The Norfolk estate will soon become his new home; it’s understood the move will happen in the first quarter of next year.
Image: A photo of the King at Sandringham released to mark his 77th birthday last month. Pic: @MilliePilks/Sandringham Estate
For years, Andrew let Epstein and Maxwell into his privileged world.
They were guests at the 18th birthday party of his daughter, Princess Beatrice.
Another photo released in the files shows Andrew, Epstein and Maxwell at Royal Ascot, a firm fixture in the royal calendar.
Epstein and his former girlfriend are also photographed at another shooting party, possibly at Balmoral.
Image: Jeffrey Epstein and Ghislaine Maxwell hunting, date unknown. Pic: US DOJ
We know the pair were once guests at the Scottish castle, pictured in the same lodge loved by the late Queen.
Mr Lownie said the pair enjoyed “extraordinary” access.
“It just shows how close Andrew was to them… for them to be socialising in these very private residences,” he added.
Andrew’s association with Epstein has cost him his royal roles, titles, and his beloved home.
He has always strongly denied any wrongdoing.
Image: Sandringham Estate, Norfolk. Pic: PA
The images and documents released and revealed in the Epstein files contain graphic and traumatic content.
It is harrowing and retraumatising for Epstein’s victims.
And what continues to shock – is how a man like Jeffrey Epstein had proximity to the Royal Family. And why Andrew let it happen and stayed friends with him.
A man is due in court charged – alongside five other men – with carrying out sexual offences against his now former wife over a 13-year period.
Philip Young, 49, formerly of Swindon, has been charged with 56 sexual offences, including multiple counts of rape, against Joanne Young, 48, Wiltshire Police said.
He is also charged with administering a substance with the intent to stupefy or overpower to allow sexual activity, as well as voyeurism, possession of indecent images of children and possession of extreme images.
Five other men have also been charged with sexual offences against Ms Young, who police say has waived her automatic legal right to anonymity.
All six men will appear at Swindon Magistrates Court today, Wiltshire Police said.
Image: Swindon Magistrates’ Court. Pic: Google Street View
The other men are Norman Macksoni, 47, of Sharnbrook, Bedfordshire. He is a black British national and has been charged with one count of rape and possession of extreme images.
Dean Hamilton, 47, of no fixed abode. He is a white British national and has been charged with one count of rape and sexual assault by penetration and two counts of sexual touching.
Conner Sanderson Doyle, 31, of Swindon. He is a white British national and has been charged with sexual assault by penetration and sexual touching
Richard Wilkins, 61, of Swindon. He is a white British national and has been charged with one count of rape and sexual touching
Mohammed Hassan, 37, of Swindon. He is a British Asian male and has been charged with sexual touching.
Police say the offences took place between 2010 and 2023.
Geoff Smith, detective superintendent for Wiltshire Police, said: “This is a significant update in what is a complex and extensive investigation.
“The victim in this case, Joanne, has taken the decision to waive her automatic legal right to anonymity.
“She has been supported by specially trained officers from the beginning of the process and she has made the decision following multiple discussions with officers and support services.”
Image: Wiltshire Police Headquarters. File pic: PA
People who allege they are victims of rape have been automatically entitled to lifelong anonymity since the Sexual Offences (Amendment) Act was passed in 1976.
This has since been extended to certain other sexual offences, though victims can waive the protection if they wish.
A millionaires’ playground, Poole in Dorset boasts some of the most expensive properties in the UK, and has been called Britain’s Palm Beach.
Away from the yachts and the mansions of Sandbanks, however, Poole is also a beer drinkers’ paradise, with 58 pubs in the parliamentary constituency alone.
But now many of Dorset’s pub landlords have joined a bitter backlash against rises in business rates of up to £30,000 in Rachel Reeves’s November budget.
Across the UK, it is claimed up to 1,000 publicans have even banned Labour MPs from their pubs, after the chancellor axed a 40% rates discount, introduced during COVID, from next April.
The row over the rises, brewing since the budget, came to a head in a clash between Kemi Badenoch and Sir Keir Starmer in the final Prime Minister’s Questions of 2025.
“He gave his word that he would help pubs,” said the Tory leader.
“Yet they face a 15% rise in business rates because of his budget. Will he be honest and admit that his taxes are forcing pubs to close?”
The PM replied that the temporary relief introduced during COVID – a scheme the Conservatives put in place and Labour supported, he said – had come to an end.
“But it was always a temporary scheme coming to an end,” he said.
“We have now put in place a £4bn transitional relief.”
Image: Mark and Michael Ambrose, father and son co-landlords of The Barking Cat, said the increases are a ‘pub destroyer’
But in the Barking Cat Ale House in Poole, facing an increase in business rates of nearly £9,000 a year, the father and son co-landlords fear the rises could mean last orders for many pubs.
“We’re sort of in the average area at 157%, but we’ve got a lot of local pubs that are increasing by 600%, and another one by 800%,” Ambrose senior, Mark, told Sky News.
“It’s a pub destroyer. Pubs can’t survive these kinds of increases. It’s not viable. Most pubs are just about scraping by anyway. If you add these massive increases your profit margins are wiped out.
“We struggle as it is. You can’t have that kind of increase and expect businesses to succeed.
“Fortunately, the customers understand. But they still don’t want to have to spend an extra 30 or 50 pence a pint.”
Son Michael added: “It’s all back to front. It’s really these bigger pub companies and supermarkets that need to be facing increased taxes. We can’t handle them. They can.”
Michelle Smith, landlady of the Poole Arms, the oldest pub on the town’s quay, dating back to 1635, said: “Our rates per value is due to go up £9,000 in April, so it’s quite a deal.”
Image: Michelle Smith, landlady of The Poole Arms, said all her prices are going up
“And we had a rates increase just gone as well,” she added. “So our rates had already increased over £1,000 a month last April. So another hit is quite considerable really.
“Prices definitely have to go up with all the different price increases that we’ve got throughout: business rates, wage increases, the beer goes up from the breweries. Everything is going up.”
Backing the publicans, Neil Duncan-Jordan, who became Poole’s first ever Labour MP last year, has written to the chancellor demanding a rethink. He said he is prepared to vote against the tax rise in the Commons.
“They’ve got to listen,” he told Sky News.
“They’ve got to listen to the high street, to publicans, people who run social clubs and listen to problems that they’re facing and the impact that these changes have made.”
Pint price rises to come unless govt make changes
Mr Duncan-Jordan said he was prepared to support an amendment to the Finance Bill, which turns the budget into law and had its second reading in the Commons last week.
Despite being suspended for four months for rebelling against welfare cuts earlier this year, he said: “I was discussing this with some MPs just this morning and I’ll be happy to support those. Sometimes you just have to say what you think is right.”
As chancellor, Ms Reeves has regularly raised a glass to pubs and promised to protect them from rising costs.
But Sir Keir has faced the wrath of a publican before, when he was thrown out of a pub in Bath during COVID by an anti-lockdown landlord.
This time, without a U-turn by the chancellor on the business rates increases, pub landlords fear the government has them over a barrel.