The new chancellor of the exchequer Jeremy Hunt will address UK parliament on 17 November with an Autumn Budget announcement comprising an austerity-filled expected £35bn in tax rises and public spending cuts amounting to around £25bn, according to published reports.

When his predecessor Kwasi Kwarteng left office — after the fallout from his disastrous mini-budget led to his dismissal — Hunt reversed almost all of the mini-budget promises, retreating from the £45bn of unfunded tax cuts, which had rocked the markets to their core in September.