Prime Minister Liz Truss and Chancellor Jeremy Hunt will hold talks at Checkers later as the government tries to save its economic credibility.
Mr Hunt, who replaced Kwasi Kwarteng, said in a statement that his focus was on “growth based on stability”.
He warned that there would be tax increases and savings in public spending, saying the mini-budget went “too far, too fast”.
Pressure is mounting on Ms Truss, with reports that a group of Conservative MPs are trying to oust her as prime minister.
Sunday’s meeting at Checkers is the first chance for the prime minister and her new right-hand man to discuss the fiscal plan in detail after weeks of market jitters starting with September’s mini-budget.
But many Conservative MPs are angry that Ms Truss has led the government into a period of instability. He has been talking privately about trying to get the Prime Minister out of Downing Street.
According to Mo Hussain, a former special adviser to the Home Office, “there are definitely moves behind the scenes.”
“People are organised, some big names are lining up their supporters,” he told, adding that the next few days would be tumultuous.
Talk of plans to remove Ms Truss came amid a series of interviews by the new chancellor on Saturday.
Mr Hunt signaled a departure from Ms Truss’s tax-cutting agenda and signaled he would reverse some key promises made by his predecessor Mr Kwarting, who was sacked on Friday.
He said that this is necessary to ensure stability in the financial markets.
“Taxes are not coming down as much as people had hoped, and some taxes will have to go up,” the chancellor told Today programme. “I would ask all government departments to find additional efficiency savings.”
It comes as The Times reported that Mr Hunt planned to delay a 1p cut in the basic rate of income tax – a key part of the September 23 mini budget – by a year.
However, the Treasury has so far refused to confirm the report, with a spokesman saying: “We cannot speculate on any tax changes outside of a financial event.”
Mr Hunt is due to outline the government’s fresh economic plan in a statement on October 31, the work his predecessor was preparing to do after his mini-budget.
In his latest statement, released on Saturday night, Mr Hunt said: “My focus is on growth based on stability. The drive to grow the economy is right – it means more people. Good jobs can be found, new businesses can thrive and we can be safe. World class public services but we have gone too far, too fast.
He also said he intended to be “honest with people” about the “very difficult decisions” that had to be made “both on spending and on taxes to reduce the debt.”
Mr Hunt added: “I will set out clear and robust plans to ensure that government spending is as efficient as possible, that taxpayers’ money is well spent and that our public finances are balanced. There is strict control.”
Meanwhile, the prime minister’s authority has come under increasing pressure – some Tory MPs told that Mr Hunt’s appointment meant Ms Truss was “in office, but not really in power”. .
