Britain’s Kwarteng will present a medium-term budget plan and forecast on November 23

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LONDON — Britain’s Finance Minister Kwasi Kwarteng will present a « medium-term fiscal plan » on November 23, alongside the Office for Budget Responsibility’s growth and borrowing forecasts, Britain’s finance ministry said on Monday.

« The budget plan will contain further details on the government’s fiscal rules, including ensuring that debt as a proportion of GDP declines over the medium term, » the finance ministry said.

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Kwarteng sent the pound and government bonds into a tailspin on Friday with a so-called mini-budget designed to grow the economy by funding tax cuts with huge increases in government borrowing.

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Earlier on Monday, the pound plunged to a record low against the dollar and UK bond prices slumped again.

“Cabinet ministers will announce further supply-side growth measures in October and early November, including changes to the planning system, business regulations, childcare, immigration, productivity agriculture and digital infrastructure, » the Treasury said.

« Next month, the Chancellor will introduce, as part of this package, regulatory reforms to ensure the UK’s financial services sector remains globally competitive. » (Reporting by David Milliken; Editing by Kate Holton)