The Chancellor will make a statement later on Monday, bringing forward measures from the Medium-Term Fiscal Plan that will support fiscal sustainability. It was announced at 6am that the plan, which had due to be delivered in Monday, October 31, was being brought forward by two weeks.
It was also announced that Jeremy Hunt will also make a statement in the House of Commons this afternoon. The statement on a medium-term fiscal plan is expected at 11am, while the House of Commons address will follow at 3.30pm
A statement from the Treasury said: "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 Chancellor will then deliver the full Medium-Term Fiscal Plan to be published alongside a forecast from the independent Office for Budget Responsibility on 31 October. "
It added that the Chancellor met with the Governor of the Bank of England and the Head of the Debt Management Office last night to brief them on these plans.
The move will be seen as an attempt to reassure the financial markets after weeks of turmoil in the wake of former chancellor Kwasi Kwarteng's £45 billion mini-budget tax giveaway.
Following his surprise appointment on Friday, Mr Hunt effectively tore up Ms Truss and Mr Kwarteng's previous economic strategy to cut taxes in an attempt to boost growth.
Instead, he warned that taxes would have to go up while spending would rise less quickly than had previously been planned.
Among the measures announced by Mr Kwarteng expected to be ditched are his promise to bring forward a 1p cut in the basic rate of income tax to April.
The announcement comes as pressure mounts on Prime Minister Liz Truss. On Sunday night, a Welsh MP called for her to stand down, saying "enough is enough". See more here.
Bridgend MP Jamie Wallis wrote : "In recent weeks, I have watched as the Government has undermined Britain’s economic credibility and fractured our party irreparably. Enough is enough. I have written to the Prime Minister to ask her to stand down as she no longer holds the confidence of this country."
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