Liz Truss's government is expected to slash taxes and announce measures to boost growth in the economy in a mini budget later today.
The Chancellor Kwasi Kwarteng will address MPs in the House of Commons about what support will be available to families and businesses to get through the cost of living crisis.
Kwarteng's statement comes after the Bank of England hiked interest rates to 2.25 per cent from 1.75 per cent and warned the economy is already in a recession.
