Jeremy Hunt says “nothing off the table” in terms of revising tax cuts and public spending ahead of new budget

Hunt says the government will not return to the kind of austerity seen in the early 2010s, but that government departments will need to find efficiencies.

Meanwhile; Labour’s Jonathan Reynolds said the government has done terrible damage to the UK economy, and that his party will only borrow to invest.

Reynolds noted that his party cannot commit to matching the Tories’ planned cut to the basic rate of income tax, despite leader Sir Keir Starmer suggesting it would.

In the meantime; the chancellor and Prime Minister Liz Truss yesterday held talks about the economy at Chequers, the PM’s weekend retreat.