The former Chancellor of Exchequer, Kwasi Kwarteng, has revealed the “one thing he wishes” he'd done whilst he was in the job.

He told GB News he wished he'd “presented a credible spending plan at the same time as announcing tax cuts”.

Speaking to Nigel Farage he said: “The way to get out of this (cost of living crisis), what Liz Truss and what I tried to do, is you have got focus on growth. That’s the exam question we have to answer. The way you get growth, lots of people have ideas, but principally, a Conservative approach to getting growth is to reduce taxes so that people and businesses can spend more of their own money to invest and grow the economy.

“It’s not the government that creates wealth, it's individuals, businessmen, companies that create wealth for the private sector that the public sector then taxes and spends.

“When I look back, we should have had a credible plan to reduce the increase in spending. That's often a difficult concept to explain, so when you’re slowing the increase, that means, one year you spend £100 pounds, the next you spend £101 pounds as opposed to going up to £110 pounds. The actual level isn’t going down but you’re slowing down the increase and that’s very much what I tried to do.

“Looking back, the one thing I wish I had done was to present a credible spending plan at the same time as the tax cuts we announced.”