Jeremy Hunt will make an announcement today in Parliament about the government’s so-called Medium-Term Fiscal Plan.
The chancellor’s statement is a bid to calm the markets, bringing forward the details of the now much-derided mini-budget, outlined by his predecessor.
Hunt will issue his plans later today and also speak in the House of Commons this afternoon.
The pound moved higher following Friday’s mini-budget U-turns, at 1.1241 against the US dollar, an increase of 0.38 per cent.
This comes after Kwasi Kwarteng was sacked from his post as Chancellor following weeks of turmoil in wake of the the mini-budget.
Prime Minister Liz Truss issued a statement on Friday committing to her growth plan, before meeting with the chancellor on the weekend “to ensure sustainable public finances underpin economic growth”, a Treasury statement said.
“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.”
“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.”