Tory MPs plot to avert benefit squeeze after humiliating U-turns

The chancellor, Kwasi Kwarteng, delivers his keynote speech to the Conservative party conference in Birmingham Photograph: Jeff J Mitchell/Getty Images

Conservative MPs are plotting to avert a squeeze on welfare after Liz Truss was forced into two humiliating U-turns on plans to abolish the top rate of income tax and the date of a new mini-budget.

The Guardian understands Kwarteng will speed up plans for a new fiscal statement, expected to focus on spending and deregulation. It will now take place later this month, rather than on 23 November as previously scheduled, accompanied by new forecasts from the Office of Budget Responsibility, in another move designed to restore market stability.