The Chancellor is now likely to set out his 'medium-term fiscal plan' by the end of this month rather than 23 November - but tells the Tory conference he will press on with other tax cuts
In his first admission that he was responsible for rocking the markets with his mini-Budget last month, he added: “I can be frank, I know the plan put forward only 10 days ago has caused a little turbulence. I get it. We are listening and have listened.”Andrew Montlake, managing director of London-based mortgage broker Coreco, told: “Calling the markets ‘a little turbulent’ is like saying that the Mount Vesuvius eruption was a small bonfire.
But he defended the other tax measures contained in his earlier fiscal statement, including a cut to the planned rate of corporation tax, and bringing forward the reduction in the basic rate of income tax to 19p. He claimed Labour would be reckless with the public finances and praised the Coalition government’s legacy of cutting the deficit, despite his own plans to borrow more in order to reduce the tax burden.
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