Jeremy Hunt has announced he is creating an economic advisory council to assist the government as it seeks to repair the damage caused by last month’s mini-budget.

The council’s membership will include Rupert Harrison, who was chief of staff to George Osborne when he was chancellor, and Karen Ward, who advised another former chancellor, Philip Hammond.

Announcing the measure in the Commons, the new chancellor said the group will provide “more independent expert advice” to ministers.

Prime Minister Liz Truss was in the chamber as he spoke, after ducking an urgent question from Labour earlier.

This morning Mr Hunt ditched the bulk of the economic strategy that brought her into office as prime minister just six weeks ago, and some Tory MPs are now calling for her to go.

Hinting at a potential further U-turn as he took questions from MPs, Mr Hunt also said he is “not against the principle” of windfall taxes – something Ms Truss was opposed to.

Responding to a question from Lib Dem leader Sir Ed Davey, he said: “I am not against the principle of taxing profits that are genuine windfalls.

Jeremy Hunt reverses ‘almost all’ tax cuts in mini-budget and says energy bills support scheme to be scaled back

Politics live: Jeremy Hunt revealing more details of economic plan after ripping up Truss’s mini-budget

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“We have said that nothing is off the table.”

Tories are ‘out of credibility and out of chancellors’

Mr Hunt was in the Commons to set out further details of his economic plan, after reversing “almost all” of his predecessor’s tax cuts and scaling back the energy bills freeze package.

He told MPs growth requires “confidence and stability”.

However Shadow chancellor Rachel Reeves warned the “damage has been done” despite the “humiliating U-turns”.

She said of Mr Hunt: “The fourth in four months of chaos and fiasco as this Conservative Government spirals down the political plughole. But the damage has been done.

“This is a Tory crisis made in Downing Street but ordinary working people are paying the price.

“All that is left after these humiliating U-turns are higher mortgages for working people and higher bonuses for bankers. And their climb-down on energy support begs the question yet again – why won’t they extend a windfall tax on energy producers to help foot the bill?”

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