October 20th, 2022 Press Release
Reversal on Emergency Budget 2022
Chancellor brings forward further mediumterm fiscal plan measures
As the saying goes, a week is a long time in politics. However, recent events have been unprecedented.
At the Mini Budget a new Prime Minister and Chancellor launched a new agenda, ‘The Growth Plan’.
Three weeks later, after huge turmoil, a reversal of most of the elements of that plan and a new
statement planned for 31 October. This is now being referred to as the Medium-Term Fiscal Plan, where
the Chancellor will publish the government’s fiscal rules alongside an Office for Budget Responsibility
forecast, together with what are described as ‘further measures’.
The changes outlined on 17 October are designed to ensure the UK’s economic stability and provide
confidence in the government’s commitment to fiscal discipline. Below, we have outlined the current
position.