Chancellor of the Exchequer Kwasi Kwarteng has confirmed that the Autumn Budget will be brought forward to 31 October, four weeks earlier than planned.
An Office for Budget Responsibility (OBR) costings forecast will be published in conjunction with the Chancellor's announcements.
The medium-term fiscal plan, initially scheduled for the end of November, will set out the next phase of the Government's growth plan.
The growth plan was first introduced in the Chancellor's mini-budget in a bid to support the economy during the current cost of living crisis. However, pressures to bring the Autumn Budget forward, along with an OBR forecast, began after the mini-budget sparked market turmoil.
The mini-budget, which included a large bundle of tax cuts, saw the pound fall significantly, causing the Government to eventually U-turn on its plans to scrap the top rate of tax.
Speaking to MPs on Tuesday (12 October), Kwarteng said that the Autumn Budget would be "upbeat" but have an "iron commitment to fiscal responsibility."
He emphasised that the Government is "relentlessly focused on growing the economy".
On the decision to bring forward both the OBR forecast and the Autumn Budget, chair of the treasury committee Mel Stride, said:
"If this lands well with markets then the MPC meeting on 3 November may result in a smaller rise in interest rates, critical to millions of mortgage holders."
Talk to us about your business.