Kwasi Kwarteng is paving the way to delay his first full budget until next year, amid growing concerns that he is avoiding scrutiny of a huge programme of tax cuts likely to break the government’s existing fiscal rules.
The chancellor will unveil his plans for £30bn in tax cuts and more details of the energy price cap announced by Liz Truss as part of a “mini-budget” on Friday. It is likely to frame the political debate for some time. However, he is preparing to overhaul existing fiscal rules in the months ahead to ensure the programme can satisfy them.