Rishi Sunak vowed to “get a grip” of the economy today as he refused to apologise for the Conservatives’ handling of the economy.
Speaking to broadcasters in Bali at the G20, the Prime Minister said “what I want to do now is fix” the errors made in the mini-budget in September.
He admitted that “mistakes were made” by Liz Truss when she was in No10 but repeatedly refused to apologise for spiralling inflation and soaring mortgage costs.
He told BBC News: “The number one challenge we face is inflation.
“We’re not alone in that, actually, for example, Germany and Italy have inflation that is even higher than ours at the moment.
“And it’s important that we get a grip of that, it’s important that we limit the increase in mortgage rates that people are experiencing.
“And the best way to do that is to get a grip of our borrowing levels and have our debt on a sustainable basis falling.”
He admitted the UK’s international reputation had taken “a bit of a knock” in recent weeks but shrugged off claims from Labour that Britain’s status on the world’s stage had been diminished.
“I think obviously, our international reputation took a bit of a knock as a result of some of the things that happened more recently,” he said.
“But what I’ve seen here at the G20 summit in Indonesia is an enormous amount of goodwill for the UK to be an active and engaged member of the international community.
“There’s widespread support for what we’ve done in Ukraine, where I think Boris Johnson originally has shown incredible leadership that I plan on continuing, and across the board whether it’s on COP and climate change, or indeed how to fix the global economy.
“These are all issues where we can play a role and people are looking for us to do that.”
Chancellor Jeremy Hunt is preparing to unveil his Autumn Statement on Thursday where he is expected to have to find £60billion.
He is set to announce a series of tax rises and public spending cuts.
More to follow…