News from Liz Truss - live: Kwarteng 'in denial' as BoE steps in to calm markets

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Liz Truss repeats Keir Starmer's "growth, growth, growth" economic slogan

Chancellor Kwasi Kwarteng has been accused of being in "a dangerous state of denial" after the Bank of England was forced to step up its intervention emergency to prevent a market malfunction posing a "significant risk to the financial stability of the UK".

< p>It came as pundits warned that Liz Truss and Mr Kwarteng would be forced to impose a 'savage' £60bn austerity hit unless they reverse further cuts taxes.

Shadow Chancellor of Labor Rachel Reeves urged Mr Kwarteng to 'put aside his pride, do what's right for our country, end this nonsense and reverse the budget'.

She said: "The Chancellor is in a dangerous state of denial, but the cost of these mistakes is far too real for anyone. Borrowing costs are rising, growth is slowing, mortgage payments are set to rise by £500 a month.

"Now they are scrambling to seek cuts, hitting the most vulnerable and hitting our public services. "

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