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Medium-term financial plan scheduled for November

28th September 2022

The Treasury has confirmed that Chancellor of the Exchequer Kwasi Kwarteng will set out a medium-term financial plan on 23 November this year.

The plan will be supported by costings, and set out further details on the Government's fiscal rules, including ensuring that debt falls as a share of GDP in the medium term.

The Chancellor has requested that the Office for Budget Responsibility (OBR) set out a full forecast alongside the November statement.

In his financial statement on Friday (23 September), Kwarteng revealed the Government's new growth plan, which included a large package of tax cuts in a bid to encourage economic growth.

An OBR forecast was not given alongside the statement.

Cabinet ministers will announce further supply side growth measures in October and early November.

These will include changes to the planning system, business regulations, childcare, digital infrastructure and immigration.

In October, Kwarteng will outline regulatory reforms to ensure the UK's financial services sector remains globally competitive.

A spring budget is scheduled for 2023, along with a further OBR forecast.

On the financial plan on Friday, Shevaun Havilland, Director General of the British Chambers of Commerce said:

"This is a bold start, and we now await further detail on the further reforms the Treasury announced, to see if this will develop into a comprehensive long-term economic strategy."

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