Kwarteng will present his mini Budget to parliament on Friday, setting out a raft of tax cuts and an ambitious plan to achieve a 2.5% growth rate.

Following PM Liz Truss’ leadership campaign over the summer it is likely that the social care levy, equivalent to 1.5% National Insurance rise for employees will be removed, although it is not clear whether the cut will also be carried through to employers or dividends.

In line with current Treasury thinking, the April 2023 rise in corporation tax from 19% to 25% for medium to large businesses will also be ditched as the Truss government focuses on growth.