Jeremy Hunt leaves 10 Downing Street on FridayImage source, EPA

Many billions of pounds worth of tax and spending measures will be announced a fortnight earlier than expected by the Chancellor.

The plans will be outlined later in the day.

The mini-budget has seen a number of U-turns on policies.

Before the markets open in London, the move is designed to be reassuring.

In early Asia trade on Monday, the pound traded above $1.12.

The firing of the chancellor and the U-turn on corporation tax did not calm the rising borrowing costs.

Mr Hunt said that nothing was off the table.

Many billions more in reversals of policy will be announced by lunchtime and then a statement to the House of Commons.

A Treasury spokesman said that the chancellor would make a statement later in the day.

The cut to National Insurance is expected to survive.

There could be more clarity on the extent of savings.

The measures brought forward from the debt plan will support fiscalsustainability, according to the treasury.

The chancellor and the prime minister are talking. The governor of the Bank of England and the head of the Debt Management Office were briefed on plans by Mr Hunt.

The markets will reopen soon without the Bank of England's support. This will be important.

Monday's moves are designed to undermine market confidence.

An official forecast from the Office for Budget Responsibility will accompany the Debt Plan on 31 October.

  • Elizabeth Truss
  • UK economy
  • Jeremy Hunt