News from Liz Truss – live: Starmer says PM clings to power after Kwarteng sacks 'chaos'

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New Chancellor Jeremy Hunt says some tax rates will have to rise

Liz Truss' government has gone 'too far, too fast' with its mini-budget, new chancellor says after being appointed to stabilize markets .

The prime minister sacked his former treasury chief Kwasi Kwarteng on Friday and reversed major tax cuts. ots after weeks of financial turmoil.

In a statement released late Saturday, Chancellor Jeremy Hunt said his focus was "growth underpinned by stability".

He continued: "The drive for growth in the economy is good - it means more people can get good jobs, new businesses can thrive and we can ensure world-class public services. But we have gone too far, too fast.

It comes after Mr Hunt said earlier that the October 31 medium-term budget plan would now provide "roughly" a "full budget".

By Elsewhere, the Bank of England has warned of higher-than-expected interest rates next month in a bid to fight inflation.

Speaking in Washington this morning, the Bank of England Governor Andrew Bailey said: "As things stand today, my best guess is that inflationary pressures will require a stronger response than we perhaps thought in August." /p>

He added that the Bank 'will not hesitate' to raise interest rates to curb inflation."

1665874843 'Send the Clowns': Labor attacks government with scathing new posters

Labour is looking to capitalize on the government's choices with a series of new adverts as it prepares for the pros general election channels.

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In four scathing posters, Labor attacks the Tories for undermining the UK's position on the world stage, raising mortgages and sinking the economy.< /p>

This comes after a disastrous week for Prime Minister Liz Truss, whose authority was left to seven...