RISHI Sunak has pushed the government's Halloween fiscal statement back to November 17 to give him a  "little more time" to look at the numbers.

The fiscal statement, which will set out how ministers "will put public finances on a sustainable footing and get debt falling in the medium term," will also be upgraded to a full budget.

The delay will have a knock-on effect on the Scottish Government's emergency budget review.

Deputy First Minister John Swinney has already twice postponed what was supposed to be his response to September's mini-budget.

The fiscal statement from new Chancellor Jeremy Hunt is supposed to explain how the government plans on fixing the UK's finances after his predecessor's unfunded tax cuts and eye-watering levels of borrowing tanked the economy. 

Reports over the weekend, suggest he will have to significantly cut back public spending and curtail investment in infrastructure in a bid to fill a £40bn black hole.

News of the delay came after Mr Sunak held the first meeting of his new Cabinet. 

In a statement, Downing Street said: “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 17 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 insisted the delay to the financial statement was the right move.

He told broadcasters: “I want to confirm that it will demonstrate debt falling over the medium term which is really important for people to understand.

“But it’s also extremely important that that statement is based on the most accurate possible economic forecasts and forecasts of public finances.

“And for that reason the Prime Minister and I have decided it is prudent to make that statement on November 17 when it will be upgraded to a full autumn statement.”

Mr Hunt said he discussed the move with Bank of England Governor Andrew Bailey on Tuesday night, adding he “understands the reasons for doing that and I’ll continue to work very closely with him”.

He added: “The OBR also want to make sure that their forecasts are the most accurate possible and there have been a lot of changes even in the last 48 hours.

“And this is my recommendation to the Prime Minister as the best way to ensure that the decisions that we take, these very, very difficult decisions, are ones that stand the test of time and give us the best chance of giving people security over the mortgages, over their jobs, over the cost-of-living concerns that everyone has.”

Mr Hunt also said he is willing to make “politically embarrassing” choices.

He said: “I’ve demonstrated in the short time that I’ve been Chancellor that I’m willing to take decisions very quickly and I’m willing to make choices that are politically embarrassing if they’re the right thing to do for the country, if they’re in the national interest.

“Now we have a new Prime Minister and the prospect of much longer-term stability for the economy and the country.

“In that context a short two-and-a-half week delay is the best way we will make sure that it is the right decisions we take.”

Under his original timetable, Mr Swinney had been due to set out his response to the UK Government's mini-budget by October 7.

He has already made £500m of cuts to the 2022/23 Scottish budget and warned of "hard choices" ahead.

The review, initiated over the summer, aimed to find areas of government spending which could be redirected to help with the cost-of-living crisis.

At the end of September, Mr Swinney - who is covering the maternity leave of Finance Secretary Kate Forbes - then delayed his response.

He unveiled an “expert panel” specifically to scrutinise the implications for Scotland of the mini-budget and was due to report back to Holyrood this week.

However, in the last eleven days, both Mr Kwarteng and the prime minister have been replaced, and most of their economic policies have been junked.

Yesterday, In response to a government-initiated written question, Mr Swinney said the emergency budget review "will be deferred until after the planned fiscal statement from the new UK administration currently scheduled for October 31."

The SNP’s Shadow Chancellor, Alison Thewliss said the delay was "grim news for the households struggling to cope with the Tory-made cost of living crisis who’ll now need to wait longer to see whether or not desperately needed support is on the way."

She added: “The Chancellor is causing more uncertainty with an unnecessary delay that will only stoke fear in families up and down the country.

“With the effects of the previous Chancellor’s disastrous mini-budget still taking hold, forcing households to pay through the teeth for Tory mistakes as mortgages rise, pensions fall, and inflation soars, action is needed now.

 “With every passing day it’s made clear that Scotland cannot afford the ever-rising cost of Tory austerity and inaction, demonstrating exactly why we need independence.”

The Liberal Democrats hit out at the delay to the planned fiscal event to November 17, arguing that it will create further “uncertainty”.

The party’s Treasury spokesperson Sarah Olney said: “This delay risks leaving mortgage borrowers, pensioners and struggling families under a damaging cloud of uncertainty.

“Rishi Sunak must confirm now that benefits and pensions will be uprated in line with inflation and there will be no cuts to our NHS and other crucial public services.

“Sunak was installed by Conservative MPs into Number 10 without anyone voting for him and without telling anyone about his plans for the country.

“The public deserve to know immediately what lies in store and that they will not be made to pay for the Conservative Party trashing our economy.”