Jeremy Hunt is due to make an important statement on the mini-budget today

Jeremy Hunt expected to save billions of pounds to stabilize public finances (Image: Reuters)

Jeremy Hunt expected to save billions of pounds to stabilize public finances (Image: Reuters)

The new chancellor today prefers an emergency balance sheet as part of a renewed effort to ease the UK’s financial turmoil.

It’s the second time the big tax and spending plans have been postponed after a disastrous response to the “mini-budget,” throwing Liz Truss’s premiership into chaos.

In the statement, Jeremy Hunt is likely to outline billions of dollars in cuts after he is replaced Kwasi Kwarteng as chief financial officer of the pressured prime minister on Friday.

His intervention will resemble a formal budget and will signal a screeching change of direction for the prime minister, who faces a struggle to stay in office and calm financial markets.

After a tumultuous few days in politics, during which some Tories have openly called for Ms Truss to step down, the Chancellor is due to make a statement this afternoon before addressing the House of Commons this afternoon.

He has already warned of cuts in public spending and further U-turns after the mini-budget was roundly condemned as a shambles.

In a statement, the Treasury Department said the Chancellor had accelerated the new plans – which will be released in full on Halloween – following crisis talks with Ms Truss over the weekend.

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Protesters cover the Aston Martin showroom in orange paint

It claimed the move was aimed at “ensuring sustainable public finances that underpin economic growth”.

The move is also seen as an attempt to calm markets after weeks of turmoil following Mr Kwarteng’s £45billion unfunded tax gift.

Mr Hunt also met with the Bank of England governor and the head of the Debt Management Office on Sunday evening to brief them on the plans, according to the Treasury Department.

Following his surprise appointment on Friday, Mr Hunt effectively ripped apart Ms Truss and Mr Kwarteng’s previous economic strategy of cutting taxes to spur growth.

He warned that taxes would have to rise while spending would rise less quickly than previously planned.

Among the measures announced by Mr Kwarteng, which are expected to be scrapped, is his promise to bring forward a 1p rate cut in the property tax rate to April.

Meanwhile, Rishi Sunak allies are said to be making a coordinated effort to oust the prime minister, who some commentators have suggested may not last even the week as sentiment among Tories turns toxic and mutinous.

Mr Hunt himself has been forced to insist the Prime Minister is in charge amid some suggestions he could replace her.

Other names mentioned include Defense Secretary Ben Wallace or a joint ticket from former Chancellor Mr Sunak and also defeated contender for the leadership Penny Mordaunt, leader of the House of Commons.

But Ms Mordaunt offered the Prime Minister her full support, warning in an article in the Telegraph that Britain “needs stability, not a soap opera”.

Financial markets open at 8am this morning amid concerns over reactions to another weekend of political drama.

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MORE: Sir Keir Starmer calls Liz Truss ‘a threat’ to Britain and urges her to address Parliament Jeremy Hunt is due to make an important statement on the mini-budget today

Justin Scaccy

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