UK Chancellor Jeremy Hunt announced in a statement on Wednesday, the medium-term fiscal plan is being delayed to November 17.

Additional quotes

“The delay is the best way to make sure we take the right decisions.”

“I am willing to make choices that are politically embarrassing.”

“The fiscal plan needs to be based on the most accurate forecasts possible.”

“I have discussed the delay with Bank of England Governor Bailey, he understands our reasoning.”

“The fiscal plan will show debt is falling over the medium-term.”

“Medium-term fiscal plan is extremely important.”

“Economic stability and restoring confidence is our number one priority.”

BBC News reported that the fiscal plan will be upgraded to the Uk Autumn Statement, which will be accompanied by an OBR forecast.

Market reaction

The British pound came under fresh selling pressure on Hunt’s comments, retreating to near 1.1570 after hitting a new six-week high at 1.1621 earlier on. The spot is adding 0.95% on the day.