The Prime Minister told Cabinet that economic stability and
fiscal sustainability would be at the heart of this Government’s
mission. He reinforced that this would require some very
difficult decisions, but the Government would also act with
compassion, protecting the most vulnerable and would continue to
seek long-term growth.
The Chancellor updated the Cabinet on the timing of the fiscal
event. The Prime Minister and the Chancellor agreed that the
fiscal event would now take place on the 17th November, and
would be an Autumn Statement.
He said it is important to reach the right decisions and there is
time for those decisions to be confirmed with Cabinet.
The Autumn Statement will set out how we will put public finances
on a sustainable footing and get debt falling in the medium term
and will be accompanied by a full forecast from the Office for
Budget Responsibility.
The Chancellor said that he and the Prime Minister fully support
the independent Bank of England in their efforts to return
inflation to target. The Chancellor has discussed these plans
with the Governor of the Bank of England ahead of their policy
decision next week.
The Chancellor stressed that economic stability and credibility
was the essential foundation for all other policies. Without this
basis, we could not deliver long-term growth, nor support for
individuals.
