Jeremy Hunt, the new UK Chancellor appointed by Prime Minister Liz Truss after she sacked her friend Kwasi Kwarteng, admitted on Saturday that mistakes were made by his predecessor and signalled a reversal of his tax-cutting approach.

Hunt, who is dubbed as the most powerful man in the UK government as Truss battles to win back her credibility, also indicated that spending cuts would have to be brought in across all state departments to deal with the tough economic climate.