U.K. Treasury chief Jeremy Hunt on Wednesday delayed his much-anticipated economic statement until Nov. 17, giving new Prime Minister Rishi Sunak a chance to weigh in on policies meant to stabilize the country's finances after his predecessor's tax-cutting plans triggered market upheaval.
The statement will now include a full budget and analysis of its impact on government debt and borrowing by the independent Office of Budget Responsibility. It was originally set to be announced on Halloween.
"I want to confirm that it will demonstrate debt falling over the medium term, which is really important for people to understand," Hunt said in a pooled broadcast clip. "But it's also extremely important that that statement is based on the most accurate possible economic forecasts and forecasts of public finances."
Hunt's announcement comes a day after Sunak took office, replacing former Prime Minister Liz Truss after she was forced to step down after just six weeks.
Truss' decision to announce 105 billion pounds (US$116 billion) in tax cuts and spending increases without saying how she would pay for them sparked concerns about soaring public debt that drove the pound to record lows, fuelled turmoil on bond markets and increased mortgage costs for millions of people.
Financial markets have recovered since Hunt became Treasury chief two weeks ago and threw out most of Truss' economic plan. The British currency and government bonds held on to recent gains after the economic statement was delayed, suggesting investors are willing to give Hunt time to make sure he and Sunak agree on the new government's economic policies.
The delay means the Bank of England will have to make its next interest rate decision before it knows the details of the government's tax and spending plans. The central bank is expected to raise rates for an eighth consecutive meeting on Nov. 3 as it tries to rein in inflation that is running at a 40-year high of 10.1%.
Hunt said he discussed the delay with Bank of England Gov. Andrew Bailey on Tuesday night.
"He understands the reason for doing that, and I'll continue to work very closely with him," Hunt said.
The government is trying to restore its economic credibility and rebuild investor confidence as it faces a cost-of-living crisis, the fallout from the war in Ukraine and the lingering effects of the COVID-19 pandemic. Hunt has said that doing so will require both tax increases and spending cuts.
Delaying the budget statement is the best way to ensure that the decisions the government makes "are ones that stand the test of time and give us the best chance of giving people security over their mortgages, over their jobs, over the cost-of-living concerns that everyone has," Hunt said.
When he took charge Tuesday, Sunak acknowledged the scale of the challenge, as well as the skepticism of a British public alarmed by the state of the economy and weary of a Conservative Party soap opera that has chewed through two prime ministers in as many months.
He pledged to tackle economic issues head on.
"I fully appreciate how hard things are," Sunak said outside the prime minister's official residence at 10 Downing Street. "And I understand, too, that I have work to do to restore trust after all that has happened. All I can say is that I am not daunted."
A new report by the Canadian Institute for Health Information says 83 per cent of adults in this country have a regular primary-care provider, but that still leaves 5.4 million adults without one.
In part three of a four-part investigation into the seedy underbelly of the lucrative clothing donation bin industry, CTV W5's Jon Woodward and Joseph Loiero look into allegations that the industry is rife with organized crime activity.
Four people are dead and another is in hospital following a fiery crash in downtown Toronto that happened overnight on Lake Shore Boulevard.
The president and CEO of New Brunswick-based Covered Bridge Potato Chips is taking an 'extended leave of absence' after being charged with domestic violence this past weekend.
Canada will lower the number of permanent immigrants it allows into the country by at least 20 per cent from its previous target of 500,000, 愛污传媒 confirmed Wednesday.
Martha Stewart may be hot in the kitchen, but she鈥檚 not looking to replicate that on a dating reality show.
Montreal Mayor Valerie Plante announced Wednesday she would not seek a third mandate. Her decision has many talking about the demands of municipal leadership, particularly for women.
A quick shake of the head after a hard hit could signal that a person has a concussion, a new study suggests, based on the experiences of young athletes.
An Israeli strike on a school where displaced people were sheltering in the central Gaza Strip killed at least 16 people on Thursday, Palestinian medical officials said.
Two B.C. RCMP officers won鈥檛 face criminal charges for their use for force that left a man who had been arrested for public intoxication with a concussion, a torn shoulder and a chunk of his hair missing 鈥 but they could face professional discipline.
Abousfian Abdelrazik told a court Wednesday about the roller-coaster of emotions he experienced during the tense days of early 2009 when he awaited the green light to return to Canada from Sudan.
Speed was a possible factor in a Tuesday night rollover involving a semi-truck that left 17 cows dead. In a news release Wednesday, Calgary police said officers were called to the area of Stoney Trail S.E. and Macleod Trail S.E. around 8:10 p.m. for a reported rollover involving a semi-truck carrying 95 cattle.
A Real Canadian Superstore in B.C.'s Fraser Valley was evacuated Tuesday night due to a "suspicious" fire in the toilet paper aisle, according to authorities.
The president and CEO of New Brunswick-based Covered Bridge Potato Chips is taking an 'extended leave of absence' after being charged with domestic violence this past weekend.
He is a familiar face to residents of a neighbourhood just west of Roncesvalles Avenue.
Pope Francis issued the fourth encyclical of his papacy on Thursday, denouncing a world that 'is losing its heart' during times of global turmoil marked by 'wars, socio-economic disparities and the uses of technology that threaten our humanity.'
Trash carried by a North Korean balloon fell on the presidential compound in central Seoul on Thursday, officials said, the second such case in recent months that raise concerns about the vulnerability of key South Korean sites during potential North Korean aggression.
An Israeli strike on a school where displaced people were sheltering in the central Gaza Strip killed at least 16 people on Thursday, Palestinian medical officials said.
Turkiye鈥檚 air force struck Kurdish militant targets in Iraq and Syria on Wednesday in apparent retaliation for an attack at a key state-run defence company that killed five people and wounded more than a dozen others.
The Justice Department warned Elon Musk鈥檚 America PAC in recent days that his US$1 million sweepstakes to registered voters in swing states may violate federal law, people briefed on the matter told CNN.
If you鈥檙e a regular visitor to Walt Disney World, your annual passes are going to cost you more. The resort in Orlando, Fla., hiked prices on all four levels of its passes on Wednesday.
Canada will lower the number of permanent immigrants it allows into the country by at least 20 per cent from its previous target of 500,000, 愛污传媒 confirmed Wednesday.
Prime Minister Justin Trudeau says the Liberal party is 'strong and united,' despite efforts from within his caucus to oust him as leader.
A debate has ground work in the House of Commons to a halt for weeks, but a new poll suggests that most Canadians are not even aware it's happening.
A new report by the Canadian Institute for Health Information says 83 per cent of adults in this country have a regular primary-care provider, but that still leaves 5.4 million adults without one.
A quick shake of the head after a hard hit could signal that a person has a concussion, a new study suggests, based on the experiences of young athletes.
A recall has been issued for certain clothing items sold at Giant Tiger stores over high levels of lead, according to a notice published by Health Canada Tuesday.
Vancouver Fire Rescue Services received its first shipment of new firefighting gear on Wednesday, advancing the department's plans to reduce cancer risk for its members.
Officials in Hong Kong said Wednesday they have discovered dinosaur fossils in the city for the first time on a remote, uninhabited island that's part of a geopark.
A meteor lit up our region's sky last night 鈥 with a large fireball shooting across the horizon over Lake Erie at around 7:00 p.m.
Ron Ely, who played the title character 'Tarzan' in the 1960s NBC series, has died at the age of 86.
Cardi B says she has been hospitalized with a medical emergency and will have to miss a Saturday night headlining performance at an Atlanta music festival.
Almost three years after the deadly Astroworld Festival tragedy, Houston rapper and concert headliner Travis Scott just settled hundreds of lawsuits related to the case.
Canada's discount airline is suspending operations to and from Saskatoon.
Things could be looking up for Waterloo, Ont.-based company and former tech darling Sandvine, after being removed from the U.S. Department of Commerce Entity List earlier this week.
Starbucks Corp suspended its forecast through the next fiscal year as new CEO Brian Niccol looks to turn around the coffee giant struggling with falling demand for its pricey drinks.
A new resident at a Manitoba animal rescue has waddled her way into people's hearts.
Grab your passport and your sunscreen, Lonely Planet has just revealed its 30 must-visit destinations for 2025 as well as a brand-new rundown of top 10 travel trends.
The Radium Hot Springs in British Columbia's Kootenay National Park has undergone a $29-million makeover.
An 18-year-old has filed a lawsuit over the ownership of the ball Shohei Ohtani made baseball history with when he became the inaugural member of the 50-50 club.
Evan Mobley had 25 points and eight rebounds to lead the Cleveland Cavaliers to a 136-106 rout in Toronto's home opener on Wednesday as the Raptors also lost starting point guard Immanuel Quickley.
Former 'Malcolm in the Middle' star Frankie Muniz is set to continue his NASCAR career with a full-time ride in the Truck Series for 2025.
An increased risk of fire has prompted the recall of thousands of Honda hybrid vehicles in Canada.
A senior executive for Volkswagen in China has been deported for allegedly using cocaine and marijuana while on vacation in Thailand, according to Chinese authorities and German media reports.
The U.S. government's road safety agency is investigating Tesla's 'Full Self-Driving' system after getting reports of crashes in low-visibility conditions, including one that killed a pedestrian.
He is a familiar face to residents of a neighbourhood just west of Roncesvalles Avenue.
A meteor lit up our region's sky last night 鈥 with a large fireball shooting across the horizon over Lake Erie at around 7:00 p.m.
Residents of Ottawa's Rideauview neighbourhood say an aggressive wild turkey has become a problem.
A man who lost his life while trying to rescue people from floodwaters, and a 13-year-old boy who saved his family from a dog attack, are among the Nova Scotians who received a medal for bravery Tuesday.
A newly minted Winnipegger is hoping a world record attempt will help bring awareness for the need for more pump track facilities in the city.
A Springfield, Ont. man is being hailed a 'hero' after running into his burning home to save his two infant children.
Hortense Anglin was the oldest graduate to make her way across the platform at York University's Fall Convocation ceremony this week. At the age of 87, she graduated with an Honours degree in Religious Studies.
Looking for a scare with good intentions this Halloween season? The ghosts and ghouls of Eganville, Ont. invite families to tour the Haunted Walk at Lekbor Manor.
The image of a sleepy Saskatchewan small town with 'not a lot going on' is a well-known anecdote. However, one Saskatchewan company is hoping to change that 鈥 and allow communities both on and off the beaten path to share their stories and advertise what they have to offer.
Legend has it that on a dark evening in 1988, friends of Supt. Joe Atherton quietly buried his body on the site of the old provincial RCMP headquarters in Vancouver.
Since the record-breaking atmospheric river hit Metro Vancouver last Friday, 266 drivers have filed ICBC claims for water damage to their vehicles. In some places, flood water was so deep, cars floated away with the drivers still inside, and the engine running.
Brittany La Torre and her husband Marc moved into their West Vancouver home just six months ago, but after last weekend's storm brought a torrent of muddy water and debris into their basement, knocking out power, they're not sure whether they'll be living in it six months from now.
Four people are dead and another is in hospital following a fiery crash in downtown Toronto that happened overnight on Lake Shore Boulevard.
It's a dream for many Canadians, trying to save up enough money for a down payment on their very first home. That was also the dream for the Esmeralda family, a family of five with two dogs who currently live in a Scarborough apartment building.
He is a familiar face to residents of a neighbourhood just west of Roncesvalles Avenue.
A proposed inner-city apartment complex development by Anthem Properties is raising concerns for some residents of Hillhurst and West Hillhurst.
A new report suggests that Canadians' exposure to a radioactive gas is increasing, putting millions of people at a higher risk of developing lung cancer.
Speed was a possible factor in a Tuesday night rollover involving a semi-truck that left 17 cows dead. In a news release Wednesday, Calgary police said officers were called to the area of Stoney Trail S.E. and Macleod Trail S.E. around 8:10 p.m. for a reported rollover involving a semi-truck carrying 95 cattle.
Quebec鈥檚 Bureau of Independent Investigations (BEI) is investigating after police in Gatineau, Que. shot and killed a man who allegedly stabbed an officer during an investigation.
The City of Ottawa is hoping to learn this week just how many residents in the capital are homeless.
It feels like fall in Ottawa today, after four straight days with temperatures in the 20s. Environment Canada says temperatures will warm up to 10 C on Thursday, Friday and Saturday.
An investigation into a climate of fear at a Montreal primary school has reignited a debate about secularism in Quebec's education system, with the provincial government pledging to consider new measures to keep religion out of classrooms.
High temperatures have been trending in Montreal this season, but that could soon come to an end.
Montreal Mayor Val茅rie Plante says she will quit municipal politics after serving the final year of her second term, which comes to an end in November 2025.
An Edmonton tow truck operator has been charged after police say he refused to release a vehicle to its owner.
The City of Edmonton has a long road ahead to replace aging ice arenas as demand for ice time increases.
The leader of Alberta's Official Opposition rolled up his sleeves for his COVID-19 and flu shots today, opting to receive them in front of media because he's concerned about vaccine uptake.
A memorial is growing outside a Walmart in Halifax after a 19-year-old employee was found dead inside an oven in the store Saturday night.
A volunteer treasurer is facing charges after funds went missing from Nova Scotia Premier Tim Houston鈥檚 riding.
A new report by the Canadian Institute for Health Information says 83 per cent of adults in this country have a regular primary-care provider, but that still leaves 5.4 million adults without one.
A search has started at Prairie Green Landfill for the remains of two victims of a serial killer.
A sentencing hearing is set to begin today for a Manitoba man who admitted to killing his common-law partner and their two young children.
A 59-year-old man has died following a crash involving three vehicles that started after a tire fell off a car on the Trans-Canada Highway Wednesday morning in the RM of Tache.
Former Saskatchewan Party MLA Gary Grewal is defending his conduct and disagreeing with a recent report from the Conflict of Interest Commissioner (COIC) 鈥 which found he broke rules that prohibit MLAs from being involved with government contracts.
Southey RCMP say drivers should expect delays on Highway 6 Wednesday night after a serious crash.
Regina police says officers will provide an update Thursday in its search for the suspect of a homicide that took place in the city during the summer of 2023.
Detective Robert Hofstetter examined Erb鈥檚 home after her death and came to several conclusions based on the blood stains he found there.
A psychologist who recently assessed Geovanny Villalba-Aleman believes he may have experienced a psychotic break before stabbing three people in a gender studies class at a University of Waterloo.
Corrections Service Canada has confirmed a women鈥檚 prison in Kitchener is in lockdown.
The race to form government is heating up ahead of the provincial election on Monday. Both the Saskatchewan NDP and the Saskatchewan Party feel they have the momentum as each leader has been focusing on different areas of the province as the campaign trail nears its end.
Canada's discount airline is suspending operations to and from Saskatoon.
The Saskatoon civic election is drawing closer, with mayoral candidates outlining their visions to keep the city competitive and attract businesses.
The president and CEO of New Brunswick-based Covered Bridge Potato Chips is taking an 'extended leave of absence' after being charged with domestic violence this past weekend.
It only took minutes for North Bay pharmacist Brian Chute to be out $1,500 after fraudsters deceptively swapped his bank card with another.
A new report by the Canadian Institute for Health Information says 83 per cent of adults in this country have a regular primary-care provider, but that still leaves 5.4 million adults without one.
A 27-year-old man is miraculously alive after his pickup went over Hawk Cliff near Port Stanley. Fire fighters estimate that from the top to bottom of the embankment is around 270 feet.
Under tough cross-examination at the London courthouse on Wednesday, Rachel Johnson, 21, was asked a number of times why there was a delay in calling 911
OPP have confirmed that a transport truck driver crashed into a historic home just southeast of London this morning.
A suspect in an armed robbery that took place one year ago in Hanover will officially face the court for their charges following an arrest on Sunday.
A haunted house in the Town of Innisfil is causing a real scare for some people a week before Halloween.
In the Town of Tecumseh, residents and athletes alike are facing a pickleball problem that may prove costly.
As hospitals elsewhere in Ontario reintroduce mask mandates due to rising respiratory illnesses, Windsor hospitals are taking a more measured approach.
The Windsor Jewish Federation responded on Wednesday evening to a decision by the board of governors for the University of Windsor concerning its agreements with pro-Palestinian protesters.
Two B.C. RCMP officers won鈥檛 face criminal charges for their use for force that left a man who had been arrested for public intoxication with a concussion, a torn shoulder and a chunk of his hair missing 鈥 but they could face professional discipline.
When 16-year-old Kaydence Bourque was struck and killed in a crosswalk on Cedar Hill Cross Road in Saanich in 2021, the community was shaken to the core.
A man who fired at least 19 gunshots at an RCMP detachment in northern British Columbia, narrowly missing officers inside, has won a reduced prison sentence from the province's highest court, which ruled the sentencing judge failed to fully weigh the man's mental illness at the time.
Dave Lindsey began growing giant pumpkins to bring a bit of magic to his grandkids' Halloween.
A U.S. District Court judge in Montana has sentenced a 27-year-old man from Kelowna, B.C., to 18 months in prison for using fake names to buy guns with the aim of selling them in Canada.
Nearly two years after a man was stabbed to death in downtown Kelowna, RCMP have made an arrest in the case.
Graduate students looking to become mental-health professionals will have more opportunities to study in the University of Lethbridge鈥檚 Master of Education Counselling Psychology program.
A dazzling light display is making its return to Lethbridge this holiday season.
As part of anniversary celebrations, the City of Lethbridge is inviting the community to see VisitLethbridge.com Arena like they never have before.
The lack of 24-hour public washrooms has been a long-standing issue in the Sault, especially considering the rise in homelessness.
The union representing the fire rangers with the Ministry of Natural Resources says money won鈥檛 fix the systemic problems in the workplace.
Rallies by a group called Voices Against Violence took place across the country on Monday, including Sault Ste. Marie.
Investigators found the remains of a 77-year-old American man on Wednesday at the scene of a fire that destroyed a hotel in western Newfoundland earlier on the weekend.
Police in western Newfoundland say a 77-year-old man visiting the province from Kansas is missing after a fire at a hotel in Deer Lake, N.L.
At 2 p.m. on Thursday, the scene at the Lions Club in Clarenville, N.L., rivalled any rowdy St. John's bar that thumps with music late on a weekend night.
The Shopping Trends team is independent of the journalists at 愛污传媒. We may earn a commission when you use our links to shop.聽Read about us.
