We start again – Rishi Sunak is the new PM

After a momentous week in British politics, we have a new Prime Minister in Rishi Sunak, the third this year after Johnson was forced out and Truss lost control.

The new Prime Minister’s first cabinet appointment was to confirm Jeremy Hunt’s position as Chancellor and focus will now quickly shift to the “Halloween Mini Budget 2”, originally due next Monday 31 October.

Halloween fiscal statement delayed to 17 November

The Treasury has however now confirmed that the government is pushing back the announcement of its next economic plan by more than two weeks, to 17 November and the Mini Budget has now been upgraded to a full Autumn Statement.

In his first speech outside No 10, Mr Sunak said the UK was facing a “profound economic crisis”

Rishi Sunak – 25 October 2022

It would seem that nothing is off the table from a tax and spending perspective, so we will have to wait and see on 17 November what business and personal tax changes might be announced.

Whatever happens the markets must have confidence in the new administration, or havoc will ensue once again.

Dafferns will be providing our usual in depth commentary on the Autumn Statement, with a focus on how it might impact you, your family and your business.