Chancellor Jeremy Hunt is scheduled to set out his economic plans on 31 October.
The UK faces a "more difficult" era of austerity than the one following the financial crisis in order to stabilise the economy, a former governor of the Bank of England has warned.
He said "public expenditure isn't going down if anything it will go up therefore taxes will have to rise to fill the gap which is there at present"."That doesn't make a very happy picture for the next few years," said Lord King. Uncertainty remains, however, about public spending, as the Conservative Party undertakes another leadership race to choose a leader and prime minister to replace Ms Truss.
Following the financial crisis, when the banking sector came close to collapse, the new Conservative-Liberal Democrat coalition government announced the sharpest cuts in public spending since the end of World War Two.
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