New UK finance minister admits Liz Truss government's mistakes: ‘That’s why…'

UK finance minister Jeremy Hunt said, “It was a mistake to fly blind and to do these forecasts without giving people the confidence.”

Britain's new finance minister Jeremy Hunt said Prime Minister Liz Truss's government had made mistakes with its controversial tax cut plans that prompted turmoil in financial markets and led to the sacking of his predecessor Kwasi Kwarteng.

British Chancellor of the Exchequer Jeremy Hunt in London, Britain. (Reuters)

"It was a mistake when we're going to be asking for difficult decisions across the board on tax and spending to cut the rate of tax paid by the very wealthiest," Hunt told Sky News on Saturday in his first full day in the job.

"It was a mistake to fly blind and to do these forecasts without giving people the confidence of the Office of Budget Responsibility saying that the sums add up. The prime minister has recognised that, that's why I'm here."