UK's Rishi Sunak Delays Plan On Public Finances Until Nov 17

• Britain's new Prime Minister Rishi Sunak on Wednesday delayed the announcement of a keenly awaited plan for repairing the country's public finances until Nov. 17, two-and-a-half weeks later than originally planned.
• The postponement, Sunak's first policy decision since taking over from Liz Truss on Tuesday, pushed up British borrowing costs in financial markets but by far less than seen in the panic bond selling caused by Truss' September tax-cutting plan.
• Finance minister Jeremy Hunt announced the delay in a televised statement, saying it would take more time to ensure the new plan took into account the latest economic forecasts.
• "The prime minister and I have decided that it is prudent to make that statement on the 17th of November," Hunt said. The plan is expected to set out how the government will plug a budget shortfall of as much as 40 billion pounds ($46 billion). Unlike Truss' plan last month, it will be fully audited by Britain's fiscal watchdog.

(Source: Reuters)