Jeremy Hunt says mistakes made and taxes set to rise as Bank warns of ‘strong response’ to inflation – as it happened

Chancellor says difficult decisions' ahead with some departments needing to find savings and some taxes set to rise. This blog is now closed

• Senior Tories hold talks to discuss ousting Liz Truss to rescue' party

Hunt says the UK has a massive amount going for us", but the reason it remains a top economy is because the country has been prepared to make tough decisions" - and this moment is one of them.

The new chancellor says he is very sensitive" to people at the bottom of the income scale but will not commit to not cutting benefits. I've only been in the job for a matter of hours," he says, adding that he will be sitting down with the Treasury team later today.