Chancellor to fast track tax and spending measures

Chancellor Jeremy Hunt is to fast track many billions of pounds worth of tax and spending measures from his debt plan, announcing them a fortnight earlier than expected.

The Treasury will outline details of the plans later today.

It is the latest of a series of U-turns on policies announced in the mini-budget.

The move is designed to help reassure jittery markets before they open in London this morning.

The pound gained around 0.5% higher in early Asia trade on Monday to trade above $1.12.

The announcement of the £18bn U-turn on corporation tax on Friday and the firing of Kwasi Kwarteng as chancellor did not calm rising UK government borrowing costs.

Yesterday, Mr Hunt told the BBC that nothing was off the table.

Announcements by lunchtime and then a statement to the House of Commons will see many billions more in reversals of policy, to plug a hole in borrowing forecasts worth tens of billions.

"The Chancellor will make a statement later today, bringing forward measures from the Medium-Term Fiscal Plan that will support fiscal sustainability," a Treasury spokesman said.

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