JEREMY Hunt has insisted “nothing is off the table” ahead of his economic statement in a fortnight’s time. 

The new Chancellor said he’d be asking every government department to find further efficiency savings.  

The MP for South West Surrey was made Chancellor on Friday following the sacking of Kwasi Kwarteng

Speaking on Sunday with Laura Kuenssberg, Hunt said “some very difficult decisions” would need to be taken “on spending and on tax”. 

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He added: “Spending is not going to increase by as much as people hoped […] taxes are not going to go down as quickly as people thought, and some taxes are going to go up.”

Hunt ruled out a return to austerity as he was questioned over the pledge made in the mini-Budget last month.

Hunt said: “I’m not taking anything off the table.

“I was in the cabinet in 2010 when we had that first period of austerity. I don’t think we’re going to have anything like that this time.”

However, following the Chancellor’s comments, the SNP have said that “independence is the only way to protect Scotland from future Tory austerity”. 

The announcement of the mini-Budget sparked financial turmoil which resulted in a steep decline in the pound as well as interventions from the Bank of England and the International Monetary Fund.

Truss told a Downing Street press conference on Friday that she would not go ahead with the proposed scrapping of a rise in corporation tax, and bring in £18 billion extra per year.

The National: Alison Thewliss said independence "is the only way to protect Scotland"Alison Thewliss said independence "is the only way to protect Scotland"

The SNP’s shadow chancellor Alison Thewliss said: “Despite the Prime Minister making a firm commitment to Parliament just days ago, the new Chancellor has let the cat out of the bag by confirming public spending will likely be cut. 

“In typical Tory fashion, instead of delivering targeted support which would benefit households and businesses, their plan is to plunge the UK into another dark era of austerity.”

Asked if he would be able to reassure markets, Hunt said he would attempt to provide “certainty” in his approach. 

He said: “There is one thing we can do, and that’s what I am going to do, which is to show the markets, the world, indeed people watching at home, that we can properly account for every penny of our tax and spending plans.”

Hunt also insisted that it was Truss who was “in charge” amid multiple reports that her leadership is in peril.

Thewliss added: “Despite sacking her clueless Chancellor, the writing is on the wall for Liz Truss. It is now incumbent on all Tory politicians to end their silence and call for her to go.”

However, the new Chancellor sought to defend the Prime Minister’s credibility, saying Truss had “changed”.

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Asked why people should trust the Prime Minister or government, he said: “Because she’s listened. 

“She’s changed. She’s been willing to do that most difficult thing in politics, which is to change tack. 

“What we’re going to do is to show not just what we want, but how we’re going to get there.”

In a post on social media, the SNP’s Westminster leader Ian Blackford also called for Truss to step down. 

Speaking on Twitter, the Prime Minister said she “will always act in the national interest, supporting families and businesses across our country”. 

She added: “We are going to do things differently, charting a new course for growth – it remains the core mission of this government.”

Blackford replied: “There is no plan for growth it is meaningless clap trap. @trussliz through incompetence will force millions to pay thousands of pounds in higher mortgage costs. 

“You have lost the moral authority to lead. Your credibility with the financial markets is gone. Do the right thing. Go.”