When is the Kwasi Kwarteng mini-budget and what will there be for you?

Liz Truss and her new Chancellor Kwasi Kwarteng will present a mini-budget on Friday, outlining the government's economic priorities as the cost of living crisis takes hold.

During the Tory leadership race, Ms Truss pledged to hold an 'emergency budget' in the weeks after taking office as the cost of living crisis escalates - but the plans were turned upside down by the Queen's death.

What is actually retained is not a full budget, as it is unlikely to cover broader taxes such as cigarette, alcohol and fuel duties.

Ms. Truss also refused to authorize independent growth forecasts that would lift the veil on her spending plans.

The mini-budget will focus on the tax cuts she promised in the leadership race and detail how the promised energy bill freeze will be funded.

PM Liz Truss with Chancellor Kwasi Kwarteng (right) and Deputy Prime Minister Therese Coffey (

Picture:

JESSICA TAYLOR/UK PARLIAMENT/UNPIXS)

Here's everything we know so far.

What is a "tax event" - and why isn't it a budget?

A "fiscal event" - or "mini budget" - is essentially the term used by Ms. Truss' government to avoid saying "Budget".

Unlike a budget, the Office for Budget Responsibility (OBR) is not required to produce forecasts of how plans will affect government spending and borrowing.

This is significant as Ms Truss is believed to be planning a borrowing windfall - up to £100-150bn - to fund her plan to cap average energy bills at £2,500 a year for two years.

Paul Johnson, the director of the Institute for Fiscal Studies, also said earlier this week that the OBR's existing forecasts - published in March - are now "hopelessly outdated".