At least one more U-turn is expected from Kwasi Kwarteng's original plan announced on September 23, as Jeremy Hunt brings forward measures from his Medium-Term Fiscal Plan to “support fiscal sustainability”.
In a very short press conference on Friday Prime Minister Liz Truss backtracked on the scrapping of the 45p top rate income tax and reinstated a planned increase in corporation tax, saying the mini-budget "went further and faster than markets were expecting".
It is hoped today's statement will stabalise the economy which has recently seen the value of the pound slump to a record low of $1.03, the Bank of England bail out pension funds and spiralling mortgage rates.
How to watch Jeremy Hunt's statement live
Jeremy Hunt will be making his announcement at 11am before making a statement to the House of Commons at around 3.30pm this afternoon.
Mr Hunt will then deliver the full Medium-Term Fiscal Plan to be published alongside a forecast from the independent Office for Budget Responsibility on 31 October.
You can also watch Jeremy Hunt addressing the House of Commons online on Parliament TV at 3.30pm.