Chancellor Jeremy Hunt has announced that his fiscal statement has been pushed back until 17 November.

The autumn statement will be delivered alongside the Office for Budget Responsibility’s (OBR) forecast.

On Twitter, HM Treasury said: “It will contain the UK’s medium term fiscal plan to put public spending on a sustainable footing, get debt falling and restore stability.”

The delay will allow more time for new prime minister Rishi Sunak to scrutinise the figures and formulate the government’s plans for the UK’s finances, Sky News reported. 

The original date for the statement was scheduled on 23 November as set out by former chancellor Kwasi Kwarteng.

However, it was brought forward by Kwarteng to 31 October before he was sacked by then prime minister Liz Truss. 

A readout of this morning’s cabinet meeting said: “The chancellor updated the cabinet on the timing of the fiscal event. The prime minister and the chancellor agreed that the fiscal event would now take place on 17 November, and would be an autumn statement.”

“He said it is important to reach the right decisions and there is time for those decisions to be confirmed with the cabinet.”

“The autumn statement will set out how we will put public finances on a sustainable footing and get debt falling in the medium term and will be accompanied by a full forecast from the OBR.”

“The chancellor said that he and the prime minister fully support the independent Bank of England (BoE) in their efforts to return inflation to target. The chancellor has discussed these plans with the governor of the BoE ahead of their policy decision next week.”

“The chancellor stressed that economic stability and credibility was the essential foundation for all other policies. Without this basis, we could not deliver long-term growth, nor support for individuals.”