Liz Truss has defended Chancellor Kwasi Kwarteng’s mini-budget saying “urgent action” was needed to protect the country from rising energy bills and to get the economy growing.

In her first public comments since Mr Kwarteng’s statement plunged the financial markets into turmoil, the Prime Minister told BBC Radio Leeds: “We had to take urgent action to get our economy growing, get Britain moving and also deal with inflation.

“Of course that means taking controversial decision but I am prepared to do that as Prime Minister because what is important to me is that we get our economy moving, we make sure that people are able to get through this winter and we are prepared to do what it takes to make that happen.”

Ms Truss faced public questioning about her economic plans for the first time following the fallout from the mini-budget as she toured regional BBC radio stations in England for a morning round of interviews.

She broke her silence on the economy after days of Mr Kwarteng fronting the UK Government's response.

First Minister Nicola Sturgeon had been among those taking the Prime Minister to task, asking 'where even is PM?' as financial markets reacted badly to the UK Government's economic policies.

The Herald: PAPA (Image: PA)

Chancellor Kwasi Kwarteng 

The Prime Minister stressed that the measures announced in the Chancellor’s mini-budget last week would take time to have an effect.

However, she hesitated under stiff questioning from several presenters and was lost for words on more than one occasion when confronted with the fallout of her economic policies and U-turn of the ban on fracking in England. 

Ms Truss said that the Chancellor was working “very, very closely” with the Governor of the Bank of England.

“We are facing very difficult economic times. We are facing that on a global level,” she said.

“Of course lots of measures we have announced won’t happen overnight. We won’t see growth come through overnight.

“What is important is that we are putting this country on a better trajectory for the long term.”

Ms Truss later said it was “really important” the Government “took action quickly” to “reduce the tax burden and get the economy going”.

On Wednesday, the Bank of England launched an emergency government bond-buying programme to prevent borrowing costs from spiralling out of control and stave off a “material risk to UK financial stability”.

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The Bank announced it was stepping in to buy up to £65 billion worth of government bonds – known as gilts – at an “urgent pace” after fears over the Government’s economic policies sent the pound tumbling and sparked a sell-off in the gilts market, which left some UK pension funds teetering on the brink of collapse.

The FTSE 100 Index has also been hit by marked volatility amid the bond sell-off and wider global recession fears, falling by more than 2%at one stage in early trading on Thursday after a rollercoaster ride on Wednesday.

The Prime Minister told BBC Radio Norfolk: “Of course there are elements of controversy as there always are, but my priority was making sure that we were supporting the British people in what is going to be a very difficult winter and a difficult time.”

Asked about the criticism of the mini-budget, Liz Truss told BBC Radio Norfolk: “As Prime Minister I have to do what I believe is right for the country and what’s going to help move our country forward, and of course there are many people with many different opinions, but what I think nobody is arguing with is that we had to take action to deal with what is a very, very difficult economic situation and this situation has been caused by Putin’s appalling war in Ukraine.

“That has pushed up energy prices , we are still facing the aftermath of the Covid crisis, it’s important that the UK is on the front foot, that we are pulling all the levers we can to drive economic growth.”