Sunak is expected to meet finance minister Jeremy Hunt today to discuss his proposals to increase taxes and squeeze public spending, the report said.

The statement could also be delayed by a couple of days so it is presented before Nov 3, when the Bank of England is set to announce its plans for further interest rate hikes, the Times said. It could even be pushed back again and turned into a full budget, the newspaper added.

This comes after former PM Liz Truss’s spokeswoman said last week that her successor would decide whether to proceed with a fiscal plan scheduled for Oct 31.

Hunt reversed Truss’s economic growth plan on Oct 17 after several weeks of turmoil in UK politics and markets and Truss resigned a few days later.

Sunak, who became Britain’s third prime minister in two months, quickly reappointed Hunt as his finance minister in a move designed to calm markets.

Hunt, after his appointment, said the government would work to restore stability, confidence and long-term growth, while acknowledging a tough time lay ahead.