Jeremy Hunt will set out his next budget on 22 November, the chancellor has told MPs.
He has commissioned an Office for Budget Responsibility (OBR) forecast, which will be presented alongside the Autumn Statement.
The lack of an OBR forecast at his predecessor’s mini-budget last September spooked the markets and sparked a huge economic fallout, pushing up government borrowing costs and putting certain pension funds on the brink of collapse.
Mr Hunt was drafted in to clean up the mess and retained his position after ex-prime minister Liz Truss resigned just 44 days into her premiership.
Since then he and Rishi Sunak have made it their mission to halve inflation, amid a series of Bank of England interest rate rises.
Speaking in the Commons, Mr Hunt insisted progress was being made as inflation is nearly 40% below its 11% peak.
Confirming the new budget date, he said: “On Friday, the Office for National Statistics published an update to the UK’s GDP growth figures which shows the UK economy was 0.6% larger than pre-pandemic levels by the fourth quarter of 2021.
“It means our economy had the fastest recovery from the pandemic of any large European economy, thanks to decisions such as furlough that protected millions of jobs.
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“For that growth to continue we now need to halve inflation, which I am pleased to report is now nearly 40% below its 11% peak. I can also tell the House I will deliver the Autumn Statement on November 22.”
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Hunt: You can’t end ‘misery’ until you get inflation down
Mr Hunt is likely to face pressure from Tory MPs to commit to tax cuts ahead of the next general election, as the party languishes behind Labour in the polls.
The Treasury and new Defence Secretary Grant Shapps are also likely to come under pressure over defence funding.
Mr Shapps’s predecessor, Ben Wallace, who stepped down from the role last week, had long made clear his desire for greater spending on the UK armed forces.
JD Vance has said he does not want the UK to go down a “very dark path” of losing free speech during a meeting with the foreign secretary at his country estate.
The US vice president has previously raised concerns that free speech is being eroded in the UK.
However, during a two-day visit to David Lammy’s grace and favour 115-room mansion, Chevening House in Kent, Mr Vance kept his criticism a bit more low key.
Asked about free speech in the UK during a televised meeting of the two men, Mr Vance said he has “raised concerns” about free speech in his own country and accused the West of “censoring rather than engaging” with different opinions.
He said: “I think the entire collective West, the transatlantic relationship, our NATO allies, certainly the United States under the Biden administration, got a little too comfortable with censoring rather than engaging with a diverse array of opinions. So that’s been my view.
“Obviously, I’ve raised some criticism, concerns about our friends on this side of the Atlantic.
“But the thing that I’d say to the people of England or anybody else, to David, is many of the things that I worry most about were happening in the United States from 2020 to 2024.
“I just don’t want other countries to follow us down what I think was a very dark path under the Biden administration.”
Mr Lammy, who has struck up the unlikely relationship over the past few months, did not comment on Mr Vance’s indirect criticism.
Image: The two politicians went fishing on the Chevening estate. Pic: Reuters
Image: Mr Vance revealed he caught a few fish but Mr Lammy was not so successful. Pic: Reuters
In February, when Sir Keir Starmer was carrying out a similar televised meeting with Donald Trump in the Oval Office, Mr Vance said “infringements on free speech” now do not just affect the British, but also American tech companies – “and by extension American citizens”.
Sir Keir quickly interjected, saying: “We’ve had free speech for a very long time, it will last a long time, and we are very proud of that.”
Mr Vance and his family are staying with Mr Lammy at Chevening for two days before heading to the Cotswolds for a summer holiday.
The vice president was effusive in his praise for the grand estate that comes with Mr Lammy’s job, saying “being here lifts up the human spirit” as he thanked the “people of England” for having such a “beautiful place for foreigners like me to come and talk about the issues of the day”.
The two politicians went fishing ahead of their meeting, with Mr Vance revealing he caught a few, while all three of his children caught a fish but Mr Lammy did not.
He also said his children had fallen asleep on the floor of the large house, and his three-year-old daughter kept asking if she would see Mr Lammy’s daughter.
Mr Lammy posted a picture of him and Mr Vance laughing as they fished, saying it was a “real pleasure” to welcome the Vance family and the vice president “gave me fishing tips, Kentucky style”.
JD Vance confirmed he will holiday in Scotland next week in a trip that could see up to 1,000 police officers deployed as part of security efforts.
He confirmed his Scottish trip during talks with Mr Lammy on Friday.
Sky News understands the Vance family are likely to visit Ayrshire, the same area where Mr Trump recently stayed where he secured a trade deal with the European Union.
Police sources have suggested approximately 1,000 officers will be working across the visit to ensure the vice president and his loved ones are safe, Sky News’ Scotland correspondent Conner Gillies reported.
Police Scotland declined to comment on the specifics.
It is understood the Vance family will not be staying at Trump Turnberry, the luxury Ayrshire resort owned by the US president himself.
A Police Scotland spokesperson said: “Planning is under way for a potential visit to Scotland by the vice president of the United States.
“Details of any visit would be for the White House to comment on, however it is important that we prepare in advance for what would be a significant policing operation.”