Mr Sunak and Mr Hunt are also exploring tax rises and public spending cuts worth up to £50 billion ($57.84bn) a year to fill a hole in public finances, the Financial Times reported on Thursday.
Rishi Sunak through the years - in pictures
Rishi Sunak is Britain’s new prime minister. Here 'The National' looks back through his political career. Simon Walker/ No 10 Downing Street
Mr Sunak departs his home in London, the day after Liz Truss resigned as British prime minister. Bloomberg
Mr Sunak at Westminster Hall in London following the death of Queen Elizabeth II in September. PA
Mr Sunak and Ms Truss arrive at the Queen Elizabeth II Centre in London, where Ms Truss was declared the new prime minister last month. PA
Mr Sunak visits his family's old business, Bassett Pharmacy, on the campaign trail in August. Getty
Mr Sunak looks at an NLAW anti-tank launcher during a visit to the Thales Defence System plant in Belfast in August. Getty
At a hustings event in Exeter in August. Getty
Celebrates England's first goal as he watches the Women's Euro 2022 final in Salisbury in July. Getty
Mr Sunak and Ms Truss take part in the BBC Leadership debate at Victoria Hall, Hanley, in July. Getty
With daughters Krisna and Anoushka and wife Akshata Murthy. Getty
Opening the Great Ayton Village Fete during the queen’s Platinum Jubilee celebrations in June. Getty
Mr Sunak and Ms Murthy speak to then-Prince Charles at a British Asian Trust event in February. Getty
Mr Sunak arrives at COP26 in Glasgow in November 2021 when he was chancellor. Getty
Holding the budget box as he departs 11 Downing Street to deliver his Autumn Budget in October 2021. Getty
At a press conference on the 2021 Budget in London in March 2021. Getty
With former prime minister Boris Johnson during a visit to PD Ports on the River Tees in March 2021. Getty
Mr Sunak poses with the budget box at 11 Downing Street in March 2021. Getty
Meeting staff back at work after being furloughed at Hamleys toy shop in London, December 2020. Photo: HM Treasury
Mr Sunak visits the Imperial Clinic Research Facility at Hammersmith Hospital, London, in November 2020. Getty
Lighting a candle for Diwali on Downing Street, November 2020. Getty
Working on a speech in his flat above 11 Downing Street in November 2020. Photo: HM Treasury
Mr Johnson and Mr Sunak visit the headquarters of Octopus Energy in London in October 2020. Getty
With his 'Winter Economy Plan' outside 11 Downing Street in September 2020. AFP
Decorating a plate at Emma Bridgewater pottery in Stoke pottery in September 2020. Getty
Promoting 'eat out to help out' on the Isle of Bute, Scotland, in August 2020. Getty
A member of the public takes a selfie with Rishi Sunak during a visit to Scotland in August 2020. AFP
Visiting a Wagamama restaurant in central London in July 2020. Photo: HM Treasury
Rishi Sunak visits a Pret A Manger in Westminster in July 2020. HM Treasury
With Mr Johnson at his first Cabinet meeting after a reshuffle at 10 Downing Street in February 2020. Getty
Mr Sunak speaks during a general election debate in Cardiff in November 2019. Getty
Ministers are hoping the measures will not have to be implemented in full as part of the fiscal statement on November 17, the FT said.
But officials want the government to use the £50bn estimate after being given weak economic forecasts by the Office for Budget Responsibility.
The £50bn figure comes from Treasury calculations showing an initial fiscal hole of between £30bn and £40bn.
That will require tax rises or spending cuts of about £45bn because attempts to fill it will worsen the economic outlook, which will in turn hit future tax revenues, the newspaper reported.
Can Rishi Sunak tame the UK economy? - Business Extra podcast
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New polling indicates that the elevation of Mr Sunak to Conservative leader might have registered with approval among some voters.
New polling by YouGov put the Tories on 23 per cent to Labour at 51 per cent, a four percentage point bounce for the Conservatives from a week ago.