Pound LIVE: Hunt hands Truss lifeline as Sterling hits 12-day high against Euro

Armed forces minister James Heappey conceded Liz Truss was “absolutely” forced into U-turning on her mini-budget by the economic chaos.

He told Sky News: “Absolutely. I don’t think anybody disputes that. It was forced upon her for two reasons.”

Mr Heappey gave the reasons as the Prime Minister realising she had gone “too far and too fast” with a vast unfunded package of tax cuts, and doing that during a difficult international economic picture.

He apologised “100%” for the mini-budget, which he said the Cabinet had backed.

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