Kwasi Kwarteng – 2022 Statement on the Timing of Medium-Term Fiscal Plan

The statement made by Kwasi Kwarteng, the Chancellor of the Exchequer, in the House of Commons on 11 October 2022.

Today I can inform the House that I have asked the Office for Budget Responsibility to bring forward the date of its next forecast to 31 October.

Strong growth and sustainable public finances go hand in hand. Alongside the publication of the economic and fiscal outlook, I will set out the Government’s medium-term fiscal plan. This will set out further details on the Government’s fiscal rules, including ensuring that debt falls as a share of GDP in the medium term.

This forecast, in addition to the forecast that will be commissioned in spring, will fulfil the obligation for the OBR to produce at least two forecasts in a financial year, as is required by legislation.