‘Mistakes were made’: Sunak vows to ‘fix’ Truss errors and earn UK’s trust

Rishi Sunak was today installed as prime minister, with a promise to restore economic stability and regain trust after the “mistakes” of Liz Truss’s brief time in office.

The new PM acknowledged that the UK is facing a “profound economic crisis”.

And he warned that there are “difficult decisions to come”, in a clear signal that tax rises and spending cuts are on their way in chancellor Jeremy Hunt’s medium-term fiscal plan, due to be delivered next Monday.