Cost-of-living crisis mini-budget set for next Friday

MPs are expected to sit in the Commons on Thursday, according to a parliamentary business paper.

Parliamentarians will then be asked to sit a day longer before going into their conference break, to allow Mr Kwarteng to set out his mini-budget.

It follows days of speculation about when the fiscal event could take place and whether, given the scale of the cost-of-living crisis predicted for this winter, MPs should return early.

The timing for the fiscal event is highly constrained, with Parliament currently suspended while the country is in mourning following the death of the Queen, and the Prime Minister expected to fly to New York for the United Nations General Assembly following the monarch’s funeral on Monday.

Ms Truss promised the fiscal event during the Tory leadership campaign, as concerns grew over rising energy bills and the expectation of a difficult winter for households.

Her bid to become Prime Minister won over grassroots members with promises of tax cuts and a pledge to put a stop to the planned rise in corporation tax. The mini-budget follows in the wake of an unprecedented multibillion-pound package to tackle sky-high energy bills and ease the cost of-living crisis, with a focus on capping prices and boosting domestic energy supplies.

The news of the multibillion-pound package was immediately overshadowed by the death of the Queen, leaving many outstanding questions about how it will be funded and what other measures might accompany it.