Government delays fiscal statement until 17 November

Chancellor Jeremy Hunt has delayed next Monday’s fiscal statement by more than two weeks in the wake of Rishi Sunak becoming prime minister.

The announcement was previously set to take place on 31 October but has been pushed back until 17 November.

It has also been upgraded to a full Autumn Statement and will be accompanied by a forecast from the Office for Budget Responsibility (OBR).

The Treasury said the statement would contain “the UK’s medium term fiscal plan to put public spending on a sustainable footing, get debt falling and restore stability”.

The hospitality industry has renewed its calls for support after data showed 2,230 licensed premises have closed since June this year.

Earlier this month Hunt scrapped almost all the tax cuts announced by Liz Truss’ government just three weeks earlier, including a VAT-free shopping scheme and a freeze on alcohol duty rates.

He also announced a review on how energy bill support would be provided for businesses and households beyond April 2023.

Hospitality trade bodies have repeatedly called for a cut in VAT, a reform of business rates and a return to the freeze in alcohol duty to help struggling operators.

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