Harwich and North Essex MP Sir Bernard Jenkin has spoken about the decisions made by the Government on Friday.

Prime Minister Liz Truss scrapped the mini-budget and sacked chancellor Kwasi Kwarteng, who was behind the policy.

The Prime Minister also fired Chief Secretary to the Treasury Chris Philp.

Mrs Truss appointed Jeremey Hunt to replace Mr Kwarteng and Edward Argar to replace Mr Philp.

Mr Jenkin said: “The Government is right to try to stabilise the present volatility in the financial markets, and the appointment of Jeremy Hunt as Chancellor is a wise choice. 

“We must now be calm and wait to see how things develop over the next days, weeks and months. 

“Rash talk of ditching the PM or calls for a general election will not calm the financial markets.”

Mr Jenkin also spoke about the current economic situation.

“By far the biggest increase in borrowing is for the energy price cap for households and business. 

“This was essential to protect households from disastrous gas and electricity price increases, and to prevent thousands of businesses collapsing, that remains essential.

“Other tax reductions will put essential money back into the pockets and bank accounts of people and businesses, to avert a much worse recession.”