New Chancellor Jeremy Hunt delivered an economic statement today to try and stabilise the markets.
It comes after Prime Minister Liz Truss and former Chancellor Kwasi Kwarteng delivered a mini-budget several weeks ago which resulted in economic turmoil. On Friday, Mr Kwarteng left his role as Chancellor after only 38 days in the office and was swiftly replaced by Mr Hunt.
Following his appointment, Mr Hunt has steered economic policy away from the low-tax-focused approach taken by his predecessor. He previously warned that taxes will have to go up while spending would rise less quickly than originally planned.
