PRESS ASSOCIATION -- Chancellor George Osborne is to update MPs on the British economy as turmoil continues on the world's stock markets.
The FTSE 100 plunged 3% on Wednesday amid heavy falls on Wall Street and rumours of a credit rating downgrade for France.
The dip followed gloomy economic predictions from Bank of England Governor Mervyn King who lowered his growth forecast and raised fears of 5% inflation.
Mr Osborne is expected to underline his commitment to reducing Britain's record budget deficit in light of last week's decision by Standard and Poor's to cut the US's cherished AAA status over fears it cannot repay its debt.
He will pledge the Government's determination to see through its "Plan A" and eliminate the deficit over the lifetime of the Parliament.
And he is expected to give MPs the latest details of how ministers hope to shield the UK from the eurozone's debt crisis.
Mr Osborne arrived back from his summer holiday in California on Tuesday and held meetings with senior figures in Downing Street and the Treasury.
The emergency recall of Parliament to debate the riots sweeping the country gave the Chancellor an unexpected opportunity to address MPs.