Pound – live: Liz Truss tells public to expect economic ‘disruption in the short term’

She said: “We need to get things done in this country more quickly. So I am going to do things differently. It involves difficult decisions and does involve disruption in the short term.”

“Not everyone will like what we are doing,” she continued, “But I want to reassure the public that the government has a clear plan that I believe is right for the country.”

Echoing her chancellor’s piece in the Daily Telegraph, Ms Truss said: “Next month we will set out how we will get debt down in the medium term.”

An expert watchdog’s verdict on the tax-slashing mini-Budget will be kept secret for nearly two months after the chancellor refused to publish it.

Kwasi Kwarteng is defying calls, including from Conservative MPs, to reassure markets by revealing the official forecast of how his dash for growth will affect the economy.

After an unprecedented emergency Downing Street meeting on Friday, the Office for Budget Responsibility (OBR) said its initial findings would be on the chancellor’s desk within a week.

Our deputy political editor Rob Merrick has more:

Chancellor resists calls for ‘reset moment’ for economy despite OBR promising forecast next Friday

The S&P said: “We have revised our outlook on the UK to negative from stable and affirmed the ‘AA/ A+’ ratings.”

Liz Truss has admitted chancellor Kwasi Kwarteng’s mini-budget caused “disruption” but insisted they were right to act to get the economy moving and to protect families from soaring energy bills.

As Tories prepared to head to Birmingham for their annual conference, the Prime Minister warned the country faced a “difficult winter” ahead as she indicated she had no plans to reverse her tax-cutting agenda.

“I recognise there has been disruption but it was really, really important we were able to get help to families as soon as possible,” she said in a pooled interview with broadcasters on Friday.

“This is going to be a difficult winter and I am determined to do all I can to help families and help the economy at this time.”

Her comments came at the end of a tumultuous week which saw the pound slump to an all-time low against the dollar and the Bank of England forced to spend billions buying up government debt to prevent a collapse of the pensions industry.

Levelling up secretary Simon Clarke has admitted it has been an “uncomfortable week” for the government, but said prime minister Liz Truss is “astonishingly resilient” and is “doing what she believes is right”.

An an interview with The Times, Mr Clarke said: “If I was to describe one word for Liz at the moment it is purposeful. She knew, and this was certainly something we discussed during the summer, that this would not be a comfortable process.

“(She knew) particularly early on, there would be real potential unpopularity to be courted in seeking to say things and do things, which weren’t going to be easy or quick wins. Frankly, she is doing what she believes is right. And I think she’s enjoying having the chance to do that.

“She’s obviously, you know, carrying pressures, which most of us would find pretty crushing. But she’s clear in her own mind and her conscience is clear that this is the right thing to do.”

A Tory MP has come under fire over an extraordinary claim that the Commons sleaze watchdog is seeking a peerage in return for letting corrupt MPs off the hook.

The Leicestershire North West MP told Ms Stone two weeks ago he was “distressed” to have heard there were “advanced plans” to ennoble her for reaching “the right outcomes” in political corruption inquiries.

Tory MP Andrew Bridgen admits the rumour is unsubstantiated and likely to offend

Simon Clarke hinted at spending cuts in his interview with The Times, with the former chief secretary to the Treasury saying he was committed to “spending discipline”.

“I do think it’s very hard to cut taxes if you don’t have the commensurate profile of spending and the supply side reform,” he said.

“If we’re adopting this plan, which I think is exciting and fundamentally addresses the competitiveness issue, the rest of the piece needs to move in tandem. We are privileged to deal with very large budgets. My experience as CST is that there is always something you can do to trim the fat.”

Mr Clarke said the country had failed to build the homes it needs since the days of Harold MacMillan, who was prime minister 60 years ago.

“The fact the green belt is larger today than it was when Margaret Thatcher came to power is an extraordinary state of affairs. This country has got issues with housebuilding.

“But we also need to protect the spaces that people love and to avoid a sense that the Government is threatening the very things that make communities nice places in which to live.”

He said: “My big concern in politics is that western Europe is just living in a fool’s paradise whereby we can be ever less productive relative to our peers, and yet still enjoy a very large welfare state and persist in thinking that the two are somehow compatible over the medium to long term.”

Irish premier Micheal Martin has said that he believes there is a “genuine willingness” on all sides to resolve the dispute around the Northern Ireland protocol.

“I think there is genuine willingness to make every effort to resolve this issue by negotiation,” he told reporters at the Fianna Fail Ard Fheis in Dublin.

“That said it will be difficult. I think what is important is that a process is entered in to that will facilitate in negotiated resolution for the issue.”