Chancellor Kwarsi KwartengImage source, PA Media

The plan for balancing the government's finances will be announced on October 31st.

The fiscal statement is expected to show how the chancellor intends to pay for tax cuts.

The forecast of how the economy will perform in the future will be published at the same time.

Mr Kwarteng said he would announce his plans on November 23.

Financial markets reacted poorly to a lack of detail when he laid out his mini-budget. Markets and some MPs were rattled by Mr Kwarteng's refusal to publish a draft report for the mini-budget.

The fiscal statement will be published before the Bank of England decides on interest rates.

The Bank's Monetary Policy Committee is expected to raise interest rates for the eighth time since December, with many economists expecting a sharper rise than previous increases.

The chairman of the Treasury Select Committee hoped that the earlier release of the report would result in a smaller rate rise.

If this lands well with the markets, then the MPC meeting on 3rd November may result in a smaller rise in interest rates. Millions of mortgage holders are critical to this.

The report will be published by the OBR at the end of October. It will show the health of the nation's finances.

Government sources told journalists last week that Mr Kwarteng would bring forward his fiscal statement to October, but the chancellor and prime minister disagreed.

The chancellor was asked if there had been a change. He said that people have been reading the runs and pauses.

Treasury sources said that the chancellor would bring the statement forward and that it had been waiting for the change of date to be announced in Parliament.

  • UK economy
  • Office for Budget Responsibility
  • Kwasi Kwarteng