The UK’s new chancellor Jeremy Hunt has admitted that Liz Truss’s government went “too far, too fast” in last month’s “mini” Budget and that in the near future taxes will have to rise and spending will have to be cut in order to regain economic credibility.

In a statement on Saturday evening Hunt said the government had to be “honest with people” and “take some very difficult decisions both on spending and on tax to get debt falling”. He pledged that “the top of our minds when making these decisions will be how to protect and help struggling families, businesses and people”.

“My focus is on growth underpinned by stability,” he said. “The drive on growing the economy is right?.?.?.?but we went too far, too fast.”