Jeremy Hunt, the new chancellor, is to make a statement today to fast-track new budget measures following crisis talks at Chequers with the prime minister over the weekend.
Hunt is also due to make an emergency statement on his tax and spending plans in the Commons this afternoon.
In a statement the Treasury said: “The chancellor will make a statement later today, bringing forward measures from the medium-term fiscal plan that will support fiscal sustainability.”
The chancellor will now deliver the full medium-term fiscal plan on October 31 alongside the forecast from the independent Office for Budget Responsibility, the treasury said.
Hunt met the governor of the Bank of England, Andrew Bailey, and the head of the Debt Management Office last night to brief them on the plans, according to a statement from the Treasury.
“This follows the prime minister’s statement on Friday, and further conversations between the prime minister and the chancellor over the weekend, to ensure sustainable public finances underpin economic growth,” the Treasury said in a statement.
Hunt will insist that Liz Truss is still “in charge” as prime minister but will not rule out more U-turns on her and his predecessor Kwasi Kwarteng’s mini-budget, including scrapping the 1p cut to the income tax base rate.
The move comes as more than 100 Conservative MPs were reportedly poised to submit letters of no confidence in Truss this week.
Jeremy Hunt to announce new mini-budget measures in bid to calm financial markets