Customers shop at a supermarket in Walthamstow, East London. Photo: AFP/VNA

British Chancellor of the Exchequer Jeremy Hunt said delaying the plan announcement is appropriate to ensure the government makes the right decision, as the UK has a new PM and the prospect of much longer-term stability.

Hunt said the government's top priority is economic stability and restoring confidence, and this plan must be based on the most accurate possible economic forecasts, so he and the PM agreed to push back the announcement and make the fiscal plan a “full autumn statement”.

Rishi Sunak became the UK’s new PM on Tuesday, appointed by King Charles III in a ceremony at Buckingham Palace. 

After taking office, Sunak admitted the UK is facing a deep economic crisis and he will be forced to make some difficult decisions in the current economic situation. He insisted that he will place economic stability and confidence at the heart of his government's agenda.