President Biden says UK Prime Minister Liz Truss' tax cut plan was a 'mistake'

Rishi Sunak took aim at Liz Truss during his first address to the nation as prime minister saying "mistakes were made" while she was in office.

Incoming British Prime Minister Rishi Sunak has promised to unite the country “not with words but with actions” and said “mistakes were made” during the disastrous 44-day reign of his now-predecessor Liz Truss.

Rishi Sunak has officially been appointed the 57th Prime Minister after he met the King at Buckingham Palace today.

Rishi Sunak is to become the UK’s next Prime Minister, the third in three months.

The mayor of Greater Manchester, Andy Burnham, has said the Conservative Party has 'forfeited the right to govern' and it's 'very hard to see how' Prime Minister Liz Truss will survive.

Liz Truss has apologised for her 'mistakes' and has pledged to lead the Tories into the next general election as she fought for her job after ditching her tax-cutting plans. The Prime Minister said she has 'adjusted what we’re doing' after the Government’s fiscal policies spooked the markets.

Three Tory MPs have told Liz Truss to quit over the economic chaos caused by her mini-Budget.

Joe Biden has taken aim at Liz Truss's mini-budget that led to chaos on the markets and to her sacking Kwasi Kwarteng as Chancellor.

British Prime Minister Liz Truss will move to reshape her government’s economic policy after firing Chancellor of the Exchequer Kwasi Kwarteng and dropping key parts of her economic plan in response to market panic caused by the proposed "mini-budget."  "After the fallout from the mini-budget, the Prime Minister needed to take drastic action to calm the markets and save her job," Alan Mendoza, executive director of the Henry Jackson Society, told Fox News Digital. "Sacking the architect of the policy, while brutal, was the most logical way to restore confidence and give her some breathing space to regroup politically." "Once [Truss] reached that conclusion it was only a matter of time before she acted on it, as had she not, it would now be her head on the platter rather than his," Mendoza added.  The British pound dropped sharply after the government announced Kwarteng’s "mini-budget," a series of cuts to taxes intended to spur growth and fight record inflation.The program proved contentious, and Kwarteng did not explain how the government planned to fund the cuts and offset the costs.  "We need a new approach for a new era, focused on growth," Kwarteng told lawmakers in the House of Commons when he introduced the plan, which he argued would provide short-term help for homes and businesses in the face of spiking energy costs while trying to increase tax revenues in the coming years.  FILE - Britain's Chancellor of the Exchequer Kwasi Kwarteng arrives in Downing Street in London, on Sept.

Prime Minister Liz Truss is to hold a press conference later on Friday, Downing Street has said.

Kwasi Kwarteng has cut his trip to the US short to fly home for 'crunch talks' with Liz Truss amid the expectation of another major mini-budget U-turn.

Ian Blackford has accused Liz Truss of "ignoring the damage and the chaos" of her mini-budget that plunged the markets into turmoil due to her unfunded tax cuts.

A warning from Liz Truss has come back to haunt her after footage showing her saying a tax cuts bonanza would lead to "boom and bust" was unearthed.