Liz Truss’s new chancellor, Jeremy Hunt, may still have to draw up spending cuts worth up to £40bn to convince markets the government can balance the books, experts warned after Friday’s humiliating U-turn.
Speaking at a Downing Street press conference, Truss dropped a heavy hint of austerity to come, saying: “Our public sector will become more efficient, to deliver world-class services for the British people, and spending will grow less rapidly than previously planned.”
