Kwasi Kwarteng has promised a plan to get Britain’s debt back under control after his mini-budget sent the pound crashing.
With the aim of calming the markets, the Treasury announced this afternoon that the chancellor will present a “medium-term fiscal plan” on November 26.
The plan will “set out more details on the government’s fiscal rules, including ensuring that debt falls as a share of GDP over the medium term.”
It will also be accompanied by the full Office for Budget Responsibility forecasts, which were conspicuously absent from Friday’s mini-budget.
The Treasury statement said ministers will also set out more details in October and November on how they will stimulate economic growth through changes to the planning system, business regulations, childcare, immigration, agricultural productivity and digital infrastructure.
The Bank of England is understood to be preparing to intervene after the pound crashed to a record low against the dollar.
The Bank is expected to issue a statement as soon as today amid growing pressure on Governor Andrew Bailey to intervene to help shore up the economy.
This could be a verbal intervention to calm the markets or, in a more extreme case, an unscheduled increase in interest rates, which rose to 2.25% last week.
A statement today is understood to be probable, but not definitive. The Bank declined to comment on the nature of any intervention.
The possible intervention comes amid market jitters after Chancellor Kwasi Kwarteng last week unveiled the biggest package of tax cuts in 50 years and hinted there is more to come.
They are intended to boost the economy but have spooked investors who fear they will increase public borrowing to unsustainable levels.
Kwarteng this afternoon tried to calm the markets, with the Treasury promising to put in place a plan to control the debt on 23 November.