The Chancellor has defended his mini-budget by saying the Government “had no other choice” than to do “something different” to spark the economy.

As the Prime Minister admitted the strategy had caused “disruption”, Kwasi Kwarteng said the public expected public spending would be tightly controlled.

“The British taxpayer expects their government to work as efficiently and effectively as possible, and we will deliver on that expectation,” he wrote in The Daily Telegraph.

“Not all the measures we announced last week will be universally popular. But we had to do something different. We had no other choice.”

The Chancellor also insisted he will produce a “credible plan” to get the public finances back on track with a “commitment to spending discipline”.

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

HeraldScotland: PAPA (Image: PA)

“I recognise there has been disruption but it was really, really important we were able to get help to families as soon as possible,” the PM 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.

The sell-off of sterling prompted fears that millions of mortgage holders could face crippling rises in their repayments as the Bank moves to ratchet up interest rates to shore up the currency and put a lid on inflation.

The turmoil erupted after markets took fright at Mr Kwarteng’s £45 billion package of unfunded tax cuts – the biggest in 50 years – while committing billions to capping energy bills for the next two years.

With the Tories tanking in the opinion polls – one showed Labour opening up a hitherto unthinkable 33-point lead – some Conservative MPs have been pressing for a change of course.

Despite having been in Downing Street for less than a month, some have questioned whether Ms Truss can now survive to the end of the year as the party has seen its reputation on the economy shredded.

The Prime Minister, however, insisted that Mr Kwarteng was right to cut taxes as part of their plan to drive up the UK’s sluggish rate of economic growth.

“What is important to me is that we get Britain’s economy back on track, that we keep taxes low, that we encourage investment into our country and that we get through these difficult times,” she said.