The declaration should cancel some of the At Kwasi Kwarteng economic policies, including sweeping corporate and high income tax cuts.
The The pound jumped as markets opened this morning, signaling some confidence in Mr Hunt’s direction of the UK economy.
With a critical speech that will decide the fate of the UK economy and the finances of millions, here’s everything you need to know about the Chancellor’s statement.
When is the Chancellor’s statement?
The Chancellor’s statement will take place today (17 October 2022) at 12 noon.
He is then expected to deliver a speech to MPs at 3:30 p.m.
Jeremy Hunt is then expected to give a medium-term budget plan which will be released alongside a forecast from the Independent Office for Budget Responsibility on October 31, according to the GOV.UK website.
How to watch the Chancellor’s statement?
The Chancellor @Jeremy_Hunt will make a statement this morning outlining measures from the medium-term fiscal plan that will support fiscal sustainability.
A statement to @HouseofCommons will follow this afternoon.
— Her Majesty’s Treasury (@hmtreasury) October 17, 2022
The Chancellor’s statement and speech will be available for viewing on most major broadcasters.
Jeremy Hunt is then expected to give his House of Commons around 3.30pm which will be broadcast live on Parliament live.
What will the Chancellor say in his statement?
The Chancellor is expected to roll back some of the economic plans unveiled by Kwasi Kwarteng, including billions of pounds in tax cuts for businesses and high earners.
Jeremy Hunt is expected to stick with his plans to scrap the National Insurance contribution hike as it has already been voted on by MPs.
Who is the Chancellor of the Exchequer?
Victoria Jones/PA – Who is the UK Chancellor? (Image: Victoria Jones/PA)
Jeremy Hunt has been appointed Chancellor after Kwasi Kwarteng was forced to resign by the Prime Minister following economic volatility caused by his ‘mini budget’.
Mr. Kwarteng became the second shortest Chancellor of the Exchequer in UK history after Iain Macloed died suddenly of a heart attack in 1970.
Jeremy Hunt was a long-time health secretary and worked under David Cameron and Theresa May between 2012 and 2018 before becoming foreign secretary.