UK Chancellor of the Exchequer: Budget announcement on October 28, focusing on the transfer of powers

London, July 31 (KUNA) -- British Chancellor of the Exchequer John Helly announced on Friday that the government will present the United Kingdom’s budget on October 28, emphasizing that it will focus on transferring additional powers and financial resources from the central government in Westminster to various regions across the country.

In a letter addressed to the House of Commons Treasury Committee, Helly stated that he had requested the Office for Budget Responsibility to prepare its economic and financial forecasts ahead of their publication on October 28, coinciding with the budget announcement.

He said the government is working at a rapid pace to restore confidence and support local communities, noting that over the past two weeks it has taken steps to boost economic growth nationwide by supporting jobs, skills, and British businesses.

Helly added that “fiscal credibility is the cornerstone of economic stability and national security,” reaffirming the government’s commitment to fiscal rules and maintaining a reserve margin to address uncertainty and the potential repercussions of ongoing tensions in the Middle East.

He pointed out that Prime Minister Andy Burnham last week inaugurated the offices of “Northern Number 10,” a move aimed at balancing development and decentralizing part of the decision-making center and authority from London to the regions, as part of his plan to drive economic and developmental transformation across the United Kingdom. (End) A.S.H / M.N.F