What Friday's 'mini budget' could mean for you as Liz Truss confirms tax cuts

Prime minister Liz Truss and Chancellor Kwasi Kwarteng will deliver a 'mini budget' on Friday morning to set out the government's plans to tackle the soaring cost of living.

Ms Truss has previously pledged to hold an "emergency budget" within weeks of becoming leader of the Conservative Party, however, plans were forced to wait in light of Queen Elizabeth II's death. Friday's 'mini budget' will not hold the same weight and significance as a full Budget - meaning it will likely emit any changes to duties on cigarettes, alcohol, and fuel.

The mini budget will also not include independent growth forecasts which would reveal more on the prime minister's spending plans. Instead, it will focus on the tax cuts she promised in the leadership contest while also providing some details on how Truss' government will fund the energy bill freeze that was announced last month, the Mirror reports.

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It comes as Ms Truss admitted she is willing to be an unpopular prime minister to bring in measures she believes will grow the economy, and that her tax cuts will disproportionately benefit the rich. Ms Truss has confirmed she will be reversing the national insurance hike and axing the planned increase to corporation tax.

The government is making sure to avoid the term Budget for Friday's event because it will mean there will be no requirement for the Office for Budget Responsibility to produce forecasts of how the plans will affect public spending and borrowing. However, it has been reported that Ms Truss will borrow as much as £150 billion to fund the two-year energy bill freeze she previously announced. Ms Truss has said the cost to the taxpayer is