The new Chancellor of the Exchequer, Jeremy Hunt is giving a statement today regarding the Government's 'mini-budget' unveiled by his predecessor, Kwasi Kwarteng.

The statement is expected to roll back some of Kwasi Kwarteng's economic policies, including sweeping tax cuts on corporations and high earners.

The Pound Sterling surged when markets opened this morning, signalling some confidence in Mr Hunt's direction of the UK economy.

With a critical speech which will decide the fate of the British economy and millions of people's finances set to take place, here is everything you need to know about the Chancellor's statement.

READ MORE: UK Market Chaos Explained: Energy prices, mortgages and interest rates

READ MORE: Pound surges higher ahead of Jeremy Hunt's financial plan reveal

When is the Chancellor's statement?

The Chancellor's statement will occur today (October 17, 2022) at 11 am.

He is then expected to give a speech to MPs at 3.30 pm.

Jeremy Hunt is then expected to give a Medium-Term Fiscal Plan to be published alongside a forecast from the independent Office for Budget Responsibility on 31 October, according to the GOV.UK website.

How to watch the Chancellor's statement?

The Chancellor's statement and speech will be available to watch on most major broadcasters.

Jeremy Hunt is expected to then give his House of Commons at around 3.30 pm which will be live streamed on Parliament live.

What will the Chancellor say in his statement?

The Chancellor is expected to reverse some of the economic plans unveiled by Kwasi Kwarteng, including billions of pounds in tax cuts to corporations and high earners.

Jeremy Hunt is expected to maintain plans to scrap the increase in national insurance contributions as this has already been voted on by MPs.

Who is the Chancellor of the Exchequer?

South Wales Argus: Victoria Jones/PA - Who is the UK Chancellor? Victoria Jones/PA - Who is the UK Chancellor? (Image: Victoria Jones/PA)

Jeremy Hunt was appointed Chancellor after Kwasi Kwarteng was forced to step down by the Prime Minister following the economic volatility caused by his 'mini-budget.'

Mr Kwarteng became the second shortest-serving Chancellor of the Exchequer in UK history after Iain Macloed who died suddenly of a heart attack in 1970.

Jeremy Hunt was a long-serving Health Secretary and worked under David Cameron and Theresa May between 2012 and 2018 before becoming foreign secretary.