Chancellor of the Exchequer Kwasi Kwarteng will deliver an emergency mini-budget to bring in winter tax cuts for millions of people and set out more detail on energy support next Friday, 23 September, according to reports.
The Guardian said that with Liz Truss expected to be at the United Nations general assembly in New York next week and the government planning to set out its priorities for the NHS, there was limited time available for a fiscal event.
In the mini-budget, the government is expected to confirm plans to reverse the recent rise in national insurance, even though it benefits higher earners the most, handing back about £1,800 a year to top earners while the lowest earners get about £7 a year.
Truss already said she would ditch a planned rise in corporation tax. Her team has also spoken to business groups about changes to business rates and cuts to VAT to help with the energy crisis, as well as a longer-term review of these taxes.