Rishi Sunak is set to deliver a statement on his plans to protect jobs during lockdown after the furlough scheme comes to an end.
Furlough support will stop at the end of October, a move that is feared will lead to mass unemployment.
The Chancellor is said to be bringing in a new wage subsidy scheme to help workers over the winter amid another lockdown.
He is said to be looking at 'short working hours' where staff would remain part-time and have the rest of their wage topped up.
It comes after a string of new lockdown restrictions were introduced in Scotland and the rest of the UK, with fears that it could put more livelihoods at risk.
First Minister Nicola Sturgeon has written to Prime Minister Boris Johnson appealing for the furlough scheme to be extended.
The Chancellor, who cancelled the Budget this year, initially announced his move via Twitter, with a graphic titled "Winter Economy Plan".
What time is his speech and where can I watch it?
Mr Sunak will announce his plans today at 12.30pm live from the House of Commons.
You can watch coverage of the House of Commons on the parliament TV channel on BBC iPlayer here.
What might be announced?
The new strategy is titled the "Winter Economy Plan", with the Chancellor announcing the move on Twitter.
It is expected to include VAT cuts, loans for the hardest-hit businesses and wage subsidies.
Asked if the government was considering the German-style short working hours scheme, Boris Johnson’s spokesman said: “We’ve always said we would keep our support under review and it would be adapted as the circumstances evolved.”
