An 'emergency Budget' could be held as early as next week as Liz Truss's new Government grapples with the cost of living crisis.

The new PM had promised a "fiscal event" to give more details on her proposals to tackle soaring energy bills affecting households, businesses and public services. Businesses in particular are waiting for more details on how the proposals could affect them.

No date had been set for the event, which would in effect be an emergency Budget delivered by new Chancellor Kwasi Kwarteng. But today the Prime Minister鈥檚 official spokesman told reporters: 鈥淲e are still planning to deliver a fiscal event this month.鈥

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It looks as though the event would have to happen next week. The House of Commons is currently set to go into conference recess on September 22.

While the Liberal Democrats have cancelled their party conference, as it would have clashed with the Queen's funeral next Monday, Labour and the Conservatives are still expected to hold theirs, meaning any fiscal statement would have to happen before they start.

The flagship element of the Government鈥檚 鈥渆nergy price guarantee鈥 was the announcement that bills for the average household should be kept to a maximum of 拢2,500 over the next two years.

Ms Truss also promised equivalent support for businesses for six months, with a review to identify the sectors that will need more long term support. Companies, venues and industry groups are now waiting for more detail on the scheme - which could be provided by Mr Kwarteng.

Today the PM's spokesman said: "There isn鈥檛 a date set for the business support element of the guarantee. Obviously we鈥檙e working that through. It hasn鈥檛 been impacted by the mourning period, as I understand."

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