The UK faces “really tough times”, the Prime Minister said on Friday ahead of the mini-budget announcement that is expected to include billions of pounds of tax cuts.

Liz Truss promised the “growth plan will deliver better jobs, more funding for public services and higher wages” at a time when Britain faces a cost-of-living crisis, soaring inflation and climbing interest rates.

“We do face really tough times,” Ms Truss said.

“We’ve got the appalling war in Ukraine perpetuated by Putin, which has raised energy prices. We have the aftermath of Covid, which caused a huge economic shock to the global economy.

“And that is why it’s so important that we act with urgency to get things moving in Britain, to get those jobs and growth into communities up and down the country.”

Chancellor Kwasi Kwarteng is expected to announce sweeping policies intended to fire up the flailing economy in the “fiscal event” at around 9.30am.