Citing a Whitehall source, the newspaper said the figures remained estimates and subject to change, but that Hunt had told staff he was looking for at least 50-60 billion Pounds worth of measures in his autumn statement.

Early drafts of the statement to be delivered on Nov. 17 contain plans for up to 35 billion pounds of spending cuts and up to 25 billion pounds of tax rises, likely to include freezing income tax thresholds and targeting dividend tax relief, the Guardian report said.

It said decisions on whether to raise benefits in line with inflation or to change the pensions "triple lock" were likely to be taken within days, so that the independent Office for Budget Responsibility could factor any such changes into its forecasts.