UK Chancellor Jeremy Hunt has said difficult decisions will be needed "across the board" on tax and spending.
Mr Hunt said that some taxes will go up, while government spending may need to fall.
He said two mistakes were made in the mini-budget by ex-chancellor Kwasi Kwarteng - cutting the top rate of tax and announcing it without an independent forecast.
However, he also praised Mr Kwarteng for help offered to people struggling with their energy bills.
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