The Yorkshire Post understands that investment zones, one of the only surviving elements of Ms Truss’s growth plan, are due to be kept on by Rishi Sunak and Jeremy Hunt.

It follows suggestions over the weekend, before Ms Truss was forced to resign, that the policy could be scrapped entirely, as the Treasury sought to fill a £40 billion black hole in the nation’s finances before the medium term fiscal plan that was set for next week.

Earlier this week, the Government confirmed that this second “mini budget” would be delayed by two more weeks until November 17.

Due to the more stable situation in the markets, Government borrowing costs have fallen back to levels not seen since before the Truss administration, giving Mr Sunak and his Chancellor a boost to how much spending he could commit to.

One of the major projects for Yorkshire which could be delayed by “eye-watering” cuts to public spending which are under consideration by the Treasury is Northern Powerhouse Rail, in the latest setback over the future of the plan.

Last week, following a statement to Parliament where he ditched most of the disastrous mini-budget, Mr Hunt was asked whether infrastructure projects such as Northern Powerhouse Rail, a key campaign pledge of Liz Truss, could be scaled back.

“There are very important projects that we all care about a great deal, but given the severity of the situation at the moment we are not taking anything off the table, whether tax increases or spending reductions,” he said.

However, Whitehall sources have now told the Yorkshire Post that Northern Powerhouse Rail would be unlikely to face cuts as part of the new Autumn Budget.

Rishi Sunak yesterday gave a commitment to increased capital expenditure and levelling up when questioned by MPs in the Commons on Wednesday.

“The Chancellor will set out our plans in the autumn statement shortly, but this is the Government who put in place plans that will significantly increase capital expenditure,” he said during Prime Minister's Questions.

“Even though difficult decisions need to be made, I think the country can rest assured that we will continue to invest in our future productivity and, indeed, invest in our public services like the NHS.”

The Prime Minister’s official spokesperson said yesterday that the Prime Minister is “committed to HS2 and Northern Powerhouse Rail”.

When asked if he agreed with Jeremy Hunt’s assessment that there would be no element of public spending which is off the table for budget cuts, including Northern Powerhouse Rail, Downing Street said that “all funding discussions are a matter for the Chancellor and the Prime Minister for the first instance”.

“But we are committed to make sure that there are strong transport links in the North,” they added.

The Prime Minister’s official spokesperson yesterday refused to put a secific number of the size of the fiscal “black” hole that the Chancellor is set to solve with the Autumn budget, but said that what the Government will deliver is “putting the public finances back on a sustainable footing, and get debt falling and maintain stability”.

Levelling Up plans could be safe from cuts in budget next month