New UK Chancellor of Exchequer to Set Out Medium-Term Fiscal Plan on October 31 - London

MOSCOW (Sputnik) - Jeremy Hunt, the newly appointed UK chancellor of the exchequer, will set out the UK government's Medium-Term Fiscal Plan on October 31, Downing Street said on Friday.

"Chancellor of the Exchequer Jeremy Hunt will set out the government's Medium-Term Fiscal Plan on 31 October, alongside a full forecast from the independent Office for Budget Responsibility," the government said on the website.

On October 31, the UK Office for Budget Responsibility will also assess the fiscal impact of an increase in the Corporation Tax rate from 19% to 25%, announced by Truss on Friday. The government expects to raise some 18 billion pounds ($20 billion) per year through the increase in the tax.

Earlier in Friday, Kwasi Kwarteng announced his resignation as the chancellor of the exchequer after reports leaked that he has been fired over a controversial tax cuts plan for big corporations, which triggered a negative reaction from both markets and the general public. Kwarteng, who was relieved of his post barely three weeks after his appointment, is now replaced by Hunt.

The decision was triggered by Kwarteng's "mini-budget" plan to support the country's economy, which included a large-scale tax cut for corporations. According to the plan, the tax on incomes over 150,000 pounds a year should be cut from 45% to 40%.

The plan's announcement sent markets into meltdown, with the British pound falling to an all-time low of $1.0384 against the US dollar, and triggered a barrage of criticism against the government of UK Prime Minister Liz Truss, including from her fellow Conservatives.