Prime minister Liz Truss has acknowledged mistakes were made over the mini-budget, but insisted she is standing by her tax-cutting plan.

And the South West Norfolk MP said the mini-budget’s most controversial measure – the abolition of the 45pc tax rate on earnings over £150,000 – was a decision chancellor Kwasi Kwarteng made without discussion with the cabinet.

Eastern Daily Press: Chancellor Kwasi KwartengChancellor Kwasi Kwarteng (Image: PA Wire/PA Images)

Ms Truss admitted she could have done more to prepare the ground for the financial statement, which unsettled the markets, sent the pound plummeting and forced a £65bn intervention by the Bank of England.

Ms Truss told the BBC's Sunday With Laura Kuenssberg: "I do want to say to people I understand their worries about what has happened this week.

“I do stand by the package we announced and I stand by the fact we announced it quickly, because we had to act.

“But I do accept we should have laid the ground better… I have learnt from that and I will make sure that in future we do a better job of laying the ground.”

Eastern Daily Press: Prime minister Liz Truss (right) with presenter Laura Kuenssberg on the BBC1 current affairs programme, Sunday with Laura KuenssbergPrime minister Liz Truss (right) with presenter Laura Kuenssberg on the BBC1 current affairs programme, Sunday with Laura Kuenssberg (Image: PA Wire/PA Images)

The move to axe the top rate of income tax for the nation’s highest earners, during a cost-of-living crisis, and to pay for it through borrowing has been criticised, including by Tory MPs.

Eastern Daily Press: George Freeman, Conservative MP for Mid NorfolkGeorge Freeman, Conservative MP for Mid Norfolk (Image: Richard Townshend Photography)

Mid Norfolk MP George Freeman had called for Ms Truss and Mr Kwarteng to "look again" at their economic package to "get the balance right".

Former cabinet minister Michael Gove was scathing, claiming the abolition of the 45p tax rate and lifting caps on bankers’ bonuses at a time when people are facing hardship displays “the wrong values”.

Eastern Daily Press: Former cabinet minister Michael GoveFormer cabinet minister Michael Gove (Image: PA Wire/PA Images)

Pressed on whether he will vote for the package in the Commons, he said: “I don’t believe it’s right.”

Ms Truss did not rule out rowing back on her predecessor Boris Johnson's pledge to raise benefit payments in line with inflation, saying that was something Norwich North MP Chloe Smith is looking at in her role as work and pensions secretary.

Eastern Daily Press: Norwich North MP Chloe SmithNorwich North MP Chloe Smith (Image: PA Wire/PA Images)

Ms Truss, speaking ahead of the Conservative Party conference in Birmingham, said: “She will make a determination on that and we will announce that this autumn."