Chancellor Jeremy Hunt is expected to announce major plans to help stabilise and grow the UK economy when he makes a statement in Parliament this afternoon.
The pound took a sharp fall against the Dollar and the Euro over recent weeks following budget announcements made by former Chancellor Kwasi Kwarteng.
An update from the UK Government this morning said:
“The Chancellor will make a statement later today, bringing forward measures from the Medium-Term Fiscal Plan that will support fiscal sustainability.
“He will also make a statement in the House of Commons this afternoon.
“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.
“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.”
Pressure is also growing on Prime Minister Liz Truss to step down, with several Conservative MPs demanding that she should take responsibility for decisions made over recent weeks.
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