The new chancellor, Jeremy Hunt, is set to announce further changes to the mini-budget made by his predecessor in September.
Hunt, who has ripped up much of Truss’s economic programme since being appointed as chancellor is expected to initially set out changes this morning via a Treasury statement and TV clip.
He will then address the House of Commons at later today at 3.30pm.
Hunt is expected to roll back more of the unfunded tax cuts and other measures in the mini-budget, including the plans to cut the basic rate of tax by 1p.
In a highly unusual statement, released at 6am UK time, the Treasury said Hunt’s statement would be “bringing forward measures from the medium-term fiscal plan that will support fiscal sustainability”.
The rest of the plan would then be unveiled on 31 October, as scheduled, it said.
The statement added: “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.”
So far, since the mini-budget was announced there have been two major changes to policy with plans to lower the top rate of tax to 40p from 45p scrapped while corporation tax will now be increased to 25% from 19%, rather than left unchanged.