Newly-appointed British Prime Minister Rishi Sunak has postponed an eagerly awaited budget plan, which is due next week after a meeting with his cabinet. 

His Labour opponent, Keir Starmer, called for an early election which Sunak ruled out as not due for at least 2 years. Sunak's political campaign promised stability and fiscal rectitude after King Charles III appointed him on Tuesday.

"We will have to take difficult decisions to restore economic stability and confidence," Sunak told MPs recently, also revealing that his Chancellor of the Exchequer Jeremy Hunt would set out a detailed plan "in just a few weeks."

Read next: UK may need IMF bailout, is becoming 'sick man of Europe': Investor

"What I can say, as we did during Covid, we will always protect the most vulnerable, we will do this in a fair way," Sunak insisted.

Jeremy Hunt announced that there will be a full budget statement on November 17 pertaining to the government's tax and spending plans, according to Hunt. "Now, we have a new prime minister and the prospect of much longer-term stability for the economy," he said. 

Although Sunak promised to restore "trust" and "integrity" in the government after Liz Truss' resignation, critics are saying he already undermined his vows just by appointing hardline right-winger Suella Braverman as Interior Minister.

Reinstating the fracking ban

In a political U-turn, Sunak on Wednesday reinstated a nationwide ban on fracking, dropping a previous pledge to permit the practice that Truss enacted during her 45-day reign. 

The British Conservative party introduced a prohibition, though temporary, on gas fracking in England after sticking to a 2019 ban, which saw them elected with an 80-seat majority. 

When Boris Johnson announced his resignation in July, Truss and Sunak, who both ran for his position, said they'd allow fracking in England. However, after Sunak's takeover, his position stands against. 

"I stand by the manifesto on that," said. "We will deliver on what we said at COP because we care deeply about passing our children an environment in a better state than we found it ourselves."

His official spokesperson also affirmed the decision, telling reporters that Sunak was "committed to delivering on the promise of the manifesto" that banned fracking.

Greenpeace UK gave the decision a nod: "We welcome this decision and urge Sunak to also halt all new licenses for oil and gas exploration," it tweeted.

On the other hand, the Institute of Economic Affairs, a right-wing think tank in the UK, called the decision "an error" and a sign of "political weakness".

"To rely on imported gas when we have 50-100 years supply under our feet is not a stance rooted in science or economics," said Andy Mayer, its chief operating officer.

Read next: UK failed to protect people from climate change: Expert