- Live Liz Truss latest news: Jeremy Hunt abandons 'almost all' of mini-Budget The Telegraph
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- Chancellor Jeremy Hunt reverses 'almost all' mini-Budget tax cuts The Telegraph
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A fifth Conservative MP has publicly called on Liz Truss to resign as Prime Minister.
The senior Tory backbencher Sir Charles Walker told Sky News' Beth Rigby that Ms Truss’s "position is untenable".
He said: "She has put colleagues, the country, through a huge amount of unnecessary pain and upset and worry. We don't need a disruptor in No 10. We need a uniter."
The situation "can only be remedied" with "a new prime minister," he added.
Sir Charles gave Ms Truss another "week or two" before she steps down or is forced to resign, adding that he is "so cross" about how "catastrophically incompetent" the Government has been.
His call for her resignation followed those of Angela Richardson, Jamie Wallis, Andrew Bridgen and Crispin Blunt.
And that's all for tonight...
Another extraordinary day in Westminster today.
Liz Truss is battling to save her premiership after the new Chancellor tore up her economic strategy and the fifth Tory MP publicly called for her resignation.
This afternoon Jeremy Hunt warned that "eye-wateringly difficult" decisions were needed as he ditched "almost all" the tax cuts announced by his predecessor Kwasi Kwarteng less than a month ago.
He is trying to restore economic stability after weeks of turmoil on the financial markets and today his changes reduced Mr Kwarteng's £45 billion tax giveaway by around £32 billion.
However, Ms Truss became PM after winning the Tory leadership contest on the back of her promises to dramatically cut tax, and the wholesale abandonment of the policies has left her fighting for her job after only six weeks.
She sat next to her new Chancellor in the Commons, staring straight ahead and blankly smiling as he ditched huge chunks of her plan. Then after around 30 minutes, she walked out without having said a word to shouts of "she's gone" from the opposition benches.
Moments before her appearance in the chamber, the PM met 1922 Committee chairman Sir Graham Brady, who is likely to have brought up her lack of support among Tory MPs.
While Mr Hunt has said he believes she will still be PM at Christmas and urged Tory MPs to "give her a chance," the opposition to her premiership continues to mount.
Before entering a drinks reception for Cabinet at Downing St this evening, Jacob Rees-Mogg told journalists that Ms Truss should "absolutely not" resign and that she is "a very good Prime Minister".
Follow Jack Maidment's live coverage tomorrow morning for the latest updates.
Jeremy Hunt: Liz Truss will still be PM at Christmas
The Chancellor has told Sky News that he believes Liz Truss will still be Prime Minister at Christmas, as he urged Tory MPs to "give her a chance".
His comments came after five Tory MPs have already publicly called for Ms Truss to resign over the last few days.
However, Mr Hunt ruled out taking over the top job himself, telling Beth Rigby: "I rule it out, Mrs Hunt rules it out, three Hunt children rule it out."
PM had 'pre-planned' meeting with chairman of 1922 Committee today
Liz Truss met with Sir Graham Brady, chairman of the powerful 1922 Committee of backbench Tory MPs, on Monday.
No 10 sources confirmed the meeting, saying it was "private" and "pre-planned".
As calls grow for the Prime Minister to go, it is likely that her lack of support among her own MPs came up.
Afterwards, Ms Truss appeared unreactive and stared straight ahead as she sat next to her new Chancellor Jeremy Hunt in the Commons chamber.
Liz Truss: 'Mistakes have been made'
Liz Truss has told MPs that “mistakes have been made” but urged them to unify behind her in the coming weeks, Tony Diver reports.
Speaking to the One Nation Group of moderate Tory MPs on Monday night, the Prime Minister urged her colleagues to come together and defeat Labour.
Jake Berry, the Conservative Party chairman, told journalists outside the meeting in Parliament’s Portcullis House: “The Prime Minister started by saying that mistakes have been made - she acknowledged them.
“She is bringing the party together. Colleagues who were there were very heavily focused on unity.”
Mr Berry also said that Greg Clark, a prominent Tory backbencher, had told his colleagues the government’s “new economic approach” had “flattened the Labour Party”.
Matt Hancock, the former health secretary, told MPs that “now is the time for unity,” Mr Berry said.
He added that Ms Truss had been “exceptional” in the meeting and that “it seemed to me that there was a real coming together of the One Nation group behind her plan”.
Asked whether there was any anger from Tory MPs, Mr Berry said that “colleagues were really focussed on unity” in the meeting.
Chancellor is 'under half way' to plugging fiscal hole, says senior Tory MP
Senior Conservative MP Mel Stride suggested Chancellor Jeremy Hunt is "under half way" to plugging the fiscal hole and predicted public spending cuts to health, social care and pensions.
He told BBC Radio 4's PM programme: "I think the OBR (Office for Budget Responsibility) is probably sitting on a figure for that fiscal hole of about £70 or £72 billion. So he's still got another £40 billion to go, he's under half way...
"Without leaning into spending in a meaningful way, it's very difficult to see how he's going to close that gap down".
Asked if there is much fat to trim from buckling public services, he conceded that "it's going to be very difficult".
But, he said, the big budgets that have been growing over the last decade, such as health, social care and pensions, "takes a huge proportion of public spending".
"So if you're not going to do something across those particular areas, you're really going to struggle to maintain investment for example to provide that growth that we so desperately need."
PM's position to be discussed at Tory MPs' dinner this evening
Senior Conservative MP Mel Stride indicated that Tory MPs will be discussing Liz Truss's position at a dinner on Monday evening organised to discuss economic policy.
He told BBC Radio 4's PM programme: "Will we be discussing other matters? I'm afraid that everybody's discussing other matters."
Tories 'spiralling down political plughole', say Labour
Labour has claimed the Tories are "spiralling down the political plughole" after Jeremy Hunt announced he is scrapping "almost all" of the tax cuts set out in Liz Truss's mini-Budget.
Rachel Reeves, the shadow chancellor, poked fun at Mr Hunt in the House of Commons this afternoon as he delivered a statement defending the Government's drastic change in economic approach.
She said: "As I regularly say now, I welcome the new Chancellor to his place. The fourth in four months of chaos and fiasco as this Conservative government spirals down the political plughole.
"But the damage has been done. This is a Tory crisis made in Downing Street, and ordinary working people are paying the price."
Mr Hunt said the U-turns on the mini-Budget were necessary in order to reassure the financial markets that the UK is a "country that funds our promises and pays our debts".
The Chancellor said there will be more difficult decisions ahead but warned the nation must "never fall into the trap of pessimism" as he said he has "genuine optimism about our long term prospects for growth".
'I used to be an entrepreneur' and want to reduce taxation soon, Hunt says
Jeremy Hunt said he would seek to reduce taxation as soon as he can.
Conservative MP Richard Drax (South Dorset) said: "He talks about growing the economy and a strong economy, and I agree with that.
"Can I just remind the House, particularly on the opposition benches, that it is in the main the private sector that raises the money that pays the tax for the public sector and we cannot go on hammering the private sector if we want to seek the growth we want.
"So can I ask (Mr Hunt) ... that he bears this in mind, reduces taxation as soon as he is able to."
Mr Hunt replied: "The answer is yes and to demonstrate I understand what he's talking about when he talks about the private sector I'm going to say some words I've always dreamed of saying behind this despatch box, which is that I used to be an entrepreneur."
One Nation Group of Tory MPs meet with Liz Truss
MPs from the One Nation Group of moderate Tory MPs have just filed into a meeting in Parliament’s Portcullis House, Tony Diver reports from the corridor outside.
The MPs are set to meet with Liz Truss, who will attempt to win back the support of many of them who turned against her over tax cuts.
Former ministers Matt Hancock, Helen Whately and Guy Opperman have just filed in, along with Conservative Party chairman Jake Berry.
Many of these MPs will be supportive of Jeremy Hunt’s decision to reverse most of the remaining tax cuts from the mini-Budget - but many also backed Rishi Sunak for the Tory leadership and would be pleased to see Ms Truss gone from office.
Arriving at the meeting, which is packed out with Tory MPs, Ms Truss remarked: “The One Nation Group is more popular than ever.”
Fifth Tory MP publicly calls on PM to resign
Senior Tory backbencher Sir Charles Walker has become the fifth Conservative MP to publicly call on Liz Truss to resign as Prime Minister.
He told Sky News' Beth Rigby: "I think her position is untenable. She has put colleagues, the country, through a huge amount of unnecessary pain and upset and worry.
"We don't need a disruptor in No 10. We need a uniter."
The situation "can only be remedied" with "a new prime minister," he said.
He gave Ms Truss another "week or two" before she steps down or is forced to resign, adding that he is "so cross" about how "catastrophically incompetent" the Government has been.
Read more from our Chief Political Correspondent Camilla Turner: The Tory MPs calling for Liz Truss to resign
Mortgage concerns are at 'top of my mind', says Chancellor
Jeremy Hunt says concerns over mortgages are at the "top of my mind", adding he has sounded out the Bank of England on what they need to hear.
He said: "It's not for the Government to say what the Bank of England does when the Monetary Policy Committee makes its decision on interest rates.
"But of course I have had conversations with the governor to ask him what it is the Bank needs to hear for them to feel the inflationary pressures will be lower and they will not have to make as high an increase as perhaps some people are predicting, and thinking about the concerns of our constituents' mortgages is top of my mind."
'We will get more tax from rich bankers', Hunt says
The Chancellor defended lifting the cap on bankers' bonuses saying "we will get more tax from rich bankers with the policy we now have".
Labour's Siobhain McDonagh (Mitcham and Morden) asked: "When the Chancellor dismantled Trussonomics overnight, why on earth did he decide to carry on boosting bankers' bonuses in the heart of a cost-of-living crisis?"
Mr Hunt replied: "Because the policy didn't work and we will get more tax from rich bankers with the policy we now have."
Labour's Dame Angela Eagle (Wallasey) warned there was still a "£30 billion hole in his sums" which "could be as high as £40 billion".
Mr Hunt replied: "I want to be completely frank with people, we are going to have very difficult decisions both on tax and spending in the next couple of weeks."
Tory MP warns of 'slide into second-rate economy'
Conservative Sir Edward Leigh (Gainsborough) asked "what is our vision" as he warned against a "slide into a sort of second-rate economy and going in the direction of France".
He said: "I congratulate the Chancellor on his soothing and competent tone and of course we've got to calm the markets, but what is our vision? Of course we accept the short comings of the mini Budget, but does he accept we can't just slide into a sort of second rate economy and going in the direction of France, with a bloated public sector, the (highest) taxes for 70 years, gross inefficiencies.
"So by the time of the next election can we as a Conservative Party promise to get taxation back at least to the level it was when we started at the start of this Parliament and get corporation (tax) back to one of the most competitive in Europe, otherwise what is the point of the Conservative Party?"
Chancellor Jeremy Hunt replied: "This compassionate Conservative government was able to step in with massive help...with the furlough scheme, with the energy price guarantee because we took difficult decisions on the economy in the years that preceded it, each and every one that was opposed by the party opposite."
No 'firm commitments' on tax and spending, Hunt admits
Jeremy Hunt has failed to guarantee benefits will increase in line with inflation as he told the Commons he is not making "firm commitments" on any individual elements of tax and spending.
His comments came after Labour former shadow chancellor John McDonnell asked him: "The backdrop to today's statement isn't just the chaos of the last fortnight, it is also a report of three weeks ago that demonstrated as a result of austerity, there has been over 300,000 excess deaths.
"Can I ask him in his preparations for October 31 that he recognises that unless he increases benefits by at least the rate of inflation, there will be more excess deaths and suffering."
The Chancellor replied: "He will know because I've said it many times today that I'm not making firm commitments on any individual elements of tax and spending, but I hope he is reassured that I have been very clear about the values through which we will take those decisions."
Chancellor fails to guarantee spending 3% of GDP on defence
Jeremy Hunt has failed to guarantee the Government will deliver on its commitment to spend 3 per cent of GDP on defence.
The Conservative chairman of the Commons Defence Committee and former minister Tobias Ellwood asked him in the Commons: "My friend knows the world is getting more dangerous, not less.
"Will he commit to continuing that promise of 3% GDP defence spend?"
The Chancellor replied: "Well, it won't be a secret to my right honourable friend that I'm sympathetic to that because I've campaigned for it when I was a backbencher very loudly and visibly, but all of these things have to be sustainable.
"Any increase in defence spending has to be an increase that we can sustain over very, many years. Let me just say to him today that I agree with him entirely, that the duty of the Government is security for the population in all senses of the word."
Tories not taking tax increases or spending reductions 'off the table'
The Chancellor faced calls to promise that important infrastructure projects in the north of England would not be scrapped in light of the squeeze on public spending.
Conservative MP Kevin Hollinrake (Thirsk and Malton) asked: "Can he confirm any cuts to spending will not impact on capital expenditure, infrastructure expenditure, particularly across the north and that we will fully deliver on projects that we have already committed to such as Northern Powerhouse Rail?"
Jeremy Hunt replied: "As he will know, there are very important projects that we all care about a great deal, but given the severity of the situation at the moment we are not taking anything off the table whether tax increases or spending reductions.
"But I don't believe it is possible to have a long-term credible economic growth strategy that doesn't recognise the vital importance of capital spending."
'We are stronger together', Hunt says to calls for Scottish independence
Chancellor Jeremy Hunt accepted there had been "economic turmoil" over the last few weeks, as he said the Scottish independence would be a "recipe" for austerity.
Responding to the SNP's Alison Thewliss in the Commons, he said: "I would remind her that this Conservative Government is spending £37 billion this year to support people across the United Kingdom with cost-of-living concerns.
"That is possible because of difficult economic decisions that the SNP have opposed at nearly every stage."
He added: "She cannot claim to be concerned about the economic turmoil of the last few weeks when the central policy of the SNP, independence, would leave turmoil for Scotland, not for a few weeks but for many, many years to come."
Addressing the SNP's proposals for independence, he said: "That is a recipe for precisely the austerity she says she's worried about."
"If we want economic stability, if Scotland wants economic stability, to coin a phrase, we are stronger together," he said.
Shouts of 'she's gone' filled chamber as the PM walked out
Just before 5pm, the Prime Minister left the Chamber as MPs continued to debate the Chancellor's economic update.
Shouts of "shocking" and "she's gone" could be heard from the opposition benches while SNP spokesperson Alison Thewliss started addressing MPs.
"I see that the Prime Minister has been urgently running off to something else rather than staying to listen," she said.
Hunt: I've shown Conservatives can raise taxes
After defending the Government's economic record since 2010, Mr Hunt said: "If she is preaching today the need for fiscal credibility, which I warmly welcome, can I just tell her this: the true test will be in two weeks' time to see whether she supports public spending restraint.
"I've shown Conservatives can raise taxes, will she show Labour is willing to restrain spending?"
Chancellor defends Tory economic management as a ‘legacy to be proud of’
After the shadow chancellor branded the current crisis as a "Tory crisis made in Downing St", Jeremy Hunt took to the dispatch box to defend the mini-budget U-turns.
He told MPs: “What I reject wholeheartedly is her broader narrative about Conservative economic management.
“Let me remind her that the UK’s unemployment rate is the lowest since 1974 - that’s below France, Italy, Canada, Belgium, Sweden, Spain and the Netherlands - and massively lower than 2010.
“Our growth rate since this party came into power has been higher than Germany, France, Italy and Japan and faster than any G7 country this year.”
He concluded: “That is a legacy to be proud of.”
The Tories are 'running out of chancellors'
The shadow chancellor Rachel Reeves said the Prime Minister had insisted that her Conservative mini-Budget would lead us to the “promised land”.
“Instead it has led to the highest mortgages in 15 years and emergency interventions by the Bank of England to protect pensions," she told MPs.
“The Tories have run out of credibility and now they are running out of chancellors.”
The Labour MP for Leeds West added: “There is no mandate, there is no authority for any of this.”
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