Jeremy Hunt prioritises cutting inflation, not tax - BBC

After a turbulent autumn, when financial markets pushed up the country's cost of borrowing, Mr Hunt said he was determined to show that the UK was responsible.

The chancellor also unveiled a plan to grow the UK economy, though it drew a mixed reaction with some business groups criticising a lack of detail.

Craig Beaumont, of the Federation of Small Businesses, said the contents of Mr Hunt's speech had "all the right elements", but warned the "proof will be in the pudding in the years ahead".

Mr Hunt said he wanted to tackle poor productivity and said the UK's exit from the European Union would encourage risk-taking and changing regulation.

But Liberal Democrat MP Sarah Olney said: "Jeremy Hunt's speech is cold comfort for families and pensioners facing unbearable price rises."

Labour's shadow chancellor Rachel Reeves said that "13 years of Tory economic failure have left living standards and growth on the floor, crashed our economy, and driven up mortgages and bills".