Government departments will be asked to make spending cuts in an effort to balance the budget, it has been reported. It comes as the financial markets have gone into turmoil following last week's mini-budget.
The BBC says the Chief Secretary to the Treasury, Chris Philp, will "write to government departments in the coming days about finding spending efficiencies." The report follows moves by a Treasury minister to defend Chancellor Kwasi Kwarteng's mini-budget, which featured a £45 billion package of tax cuts.
Financial Secretary Andrew Griffith told Sky News: "We think they are the right plans because those plans make our economy competitive."
