The details, which were due to be released on 23 November, are now expected to be brought forward to later this month.

It follows the dramatic reversal on scrapping the 45p rate of income tax for higher earners yesterday, which sparked a wave of negative reactions across the market.

In a speech to the Conservative Party conference in Birmingham, the Chancellor acknowledged the ‘turbulence’ caused by his mini budget, which saw the pound’s value plummet, emergency interventions by the Bank of England in gilt purchases and borrowing costs soar.

Kwarteng announced that his 'medium-term fiscal plan', which intends to outline how the government plans to cut the UK’s debt, might come sooner rather than later.