Jeremy Hunt is expected to tell the House of Commons that the nation must “face the storm”.
He is expected to say: “As countries around the world grapple with inflation, our plan reflects British values: we are both honest about the challenges and honest in our solutions.
“We are making tough decisions to ensure strong government finances and keep mortgage rates low, but our plan also protects our long-term economic growth.
“At the same time we protect the vulnerable, because being British means having compassion. There is a global energy crisis, a global inflationary crisis and a global economic crisis. But the British people are tough, inventive and resourceful. We have faced greater challenges before.
“We are not immune to these global headwinds, but with this plan for stability, growth and public services, we will face the storm.”