Chancellor Jeremy Hunt will deliver an Autumn Statement on November 17, where he is expected to announce spending cuts to plug a £40billion black hole in the public purse.
Pensioners and benefit claimants should also learn how much their payments will rise by.
To calm jittery markets after Liz Truss’ shambolic premiership Mr Hunt is set to rein in borrowing by squeezing department Budgets.
Downing Street said: “The Prime Minister told Cabinet that economic stability and fiscal sustainability would be at the heart of this Government’s mission.
In his first intervention since being appointed justice secretary last week, Robert Buckland signalled the government was prepared to think again about the use of Alastair Darling’s emergency 50p tax rate for high earners.
It comes as Tory backbenchers have urged the new Prime Minister to use his first Budget statement to pledge significant tax cuts for middle-income earners.
Steve Baker, deputy chairman of the European Research Group of backbench Eurosceptic MPs, has written to Mr Johnson calling for a cut in capital gains tax – currently set at 20 per cent or 28 per cent depending on circumstances – and changes to inheritance tax rules.
In his letter, seen by The Sunday Telegraph, Mr Baker says Theresa May’s decision not to call a snap election in 2017 meant she “missed an opportunity” to enshrine in law her proposed increase in the income tax personal allowance from £11,850 to £12,500 and higher rate threshold from £46,350 up to £50,000.
Xi Jinping is taking over China’s sharemarket
China’s economy sees President Xi Jinping asserting control over its sharemarket, a move raising eyebrows globally.
Xi’s government has unveiled a series of measures aimed at consolidating authority over the country’s stock market, signalling a desire for greater economic stability and control.
The reforms include stricter regulations for listing on Chinese stock exchanges, with companies needing to meet more stringent criteria to go public.
Additionally, the government is increasing its oversight of foreign listings by Chinese firms, a move seen as an attempt to prevent capital flight.
Investors worry as Tesla misses targets
Tesla reported lower-than-expected quarterly deliveries, sending its shares into a downward spiral.
The EV giant’s stock tumbled as investors expressed concerns over the company’s ability to meet its ambitious growth targets.
In the third quarter of this year, Tesla delivered a total of 220,500 vehicles, missing Wall Street’s estimates.
This disappointing performance raised doubts about the company’s ability to keep up with the soaring demand for its EVs, especially as competitors continue to enter the market. #featured
Is the housing market surge a bubble waiting to burst?
The housing market has witnessed a remarkable surge in home sales, driving property prices to unprecedented highs.
Despite the ongoing economic challenges, the real estate sector appears to be thriving, leaving experts and homeowners both astonished and hopeful.
Over the past year, the real estate landscape has been anything but predictable.
But the surge in demand has been met with a limited supply of available homes.
Builders have struggled to keep pace with the soaring demand, making the situation worse. #featured
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