Liz Truss will hold a press conference on Friday afternoon, Downing Street has said, amid exceptions she will announce further humiliating U-turns on her mini-Budget.
Downing Street is not commenting on speculation Kwasi Kwarteng will be sacked as chancellor.
The announcement was made minutes after Kwarteng touched down in London having dashed home from Washington a day early.
It follows days of turmoil in the markets amid concerns about the impact of the government’s £43bn tax giveaway on the public finances.
The Conservative Party’s poll ratings have cratered and Westminster is awash with rumours of a leadership challenge.
According to reports, Truss is set to abandon plans to freeze a planned rise in corporation tax.
Under plans announced by Boris Johnson’s government, corporation tax was due to rise from 19% to 25%.
Kwarteng and Truss had said this would no longer go ahead. But this change could now be ditched.
The pair have already scrapped plans to abolish the 45p tax rate, following a backlash from Tory MPs as well as opposition parties.
In the last few days Westminster has been consumed by speculation that Truss is in danger of being ousted.
According to The Times, some MPs would like Rishi Sunak and Penny Mordant to club together and take over the party.