The chancellor is asked if he feels that the markets have been holding the UK hostage, to which he responds that no government can or should seek to control them.

However, he does say that he'll attempt to provide "certainty" in his approach.

He says: "There is one thing we can do, and that’s what I am going to do, which is to show the markets, the world, indeed people watching at home, that we can properly account for every penny of our tax and spending plans."

Jeremy Hunt tells the BBC's Laura Kuenssberg that he was "pretty surprised" when Prime Minister Liz Truss asked if he would step up as chancellor.

He says: "I had been pretty happy on the back benches for the last few years but I’m in public service.

"There is a very difficult job to be done right now, and I talked it through with the prime minister and I wanted to check that she was happy that I am totally honest with people about the challenge."

He goes on to reiterate what we heard yesterday: that spending won't increase "by as much as people hoped", and that some taxes will increase.

As ever, the programme has a panel of three guests who’ll listen and react to what the chancellor has to say.

They’re up first, telling Laura Kuenssberg what the burning issue of the moment is, and what they want to hear this morning.

Ex-minister Matt Hancock says it's "clear to everybody this needs fixing". He says the government has "a very significant political problem" as result of "unfunded and uncosted" policies.

Tesco’s John Allan says it's important we focus on "how this is impacting people", for example with mortgage rates and the cost of living. The government has a "moral responsibility" to look after real people, he adds.

Christina McAnea of Unison says this is not the time for the Tories to be "playing musical chairs with who's in charge".

Sunday with Laura Kuenssberg is on air now - you can watch live via the link at the top of the page.

We'll also be keeping you posted with the key lines right here.

The programme is on the air in five minutes, featuring Chancellor Jeremy Hunt and shadow business secretary Jonathan Reynolds.

Laura also talks to the husband and wife team behind vaccine maker BioNTech about their work to develop a jab to treat people with cancer.

Stay with us for live updates - news lines, quotes, analysis and video. You can also watch the programme at the same time by clicking the play button in the picture above.

Friday proved to be a dizzying and dramatic 24 hours in British politics.

Kwasi Kwarteng was sacked as chancellor, less than a day after saying he wasn't going anywhere.

Prime Minister Liz Truss replaced him with Jeremy Hunt, the former health and foreign secretary.

And Truss insisted she would stay on as PM after announcing another U-turn in her government's tax-cut plan.

Peter Saull
BBC Political Reporter

Liz Truss and Jeremy Hunt will be be hoping the relative serenity of the Buckinghamshire countryside will enable them to focus on the task in hand as they meet at the prime minister's weekend retreat, Chequers, today.

They have their work cut out. Westminster has been even noisier than usual of late, and the Sunday papers are full of speculation about plots to oust the prime minister. The appointment of a new chancellor who many Conservatives see as a safe pair of hands appears to have bought Liz Truss a bit more time.

Plenty of Tory MPs will now wait to see how the government's Halloween announcement about its medium-term fiscal plan lands before deciding their next move, but the potential for mutiny is real.

Some will inevitably ask "who is leading the talks at Chequers?". Jeremy Hunt has signalled that the tax-cutting agenda that won Liz Truss the keys to No 10 is being unceremoniously dumped.

To many, he already looks like a caretaker prime minister.

Image source, Reuters

Image source, Getty Images

Jeremy Hunt, who has previously served as health secretary and foreign secretary, was named on Friday as the UK's new chancellor.

He takes over at a critical time for the UK economy after weeks of financial turmoil and uncertainty over the recently proposed mini-budget.

His predecessor Kwasi Kwarteng was sacked by the prime minister.

Hunt is a big name in the Conservative Party - and has twice unsuccessfully tried to become the party leader.

In the leadership race this year, he put his weight behind former Chancellor Rishi Sunak over Liz Truss. That was after getting eliminated from the contest himself early on, having failed to get enough votes to go any further.

He had stood for the top job before - and in 2019 he nearly made it, finishing second in the leadership race with Boris Johnson named as the winner.

Read more about the senior Tory who is now chancellor here

Let’s take a look at the Sunday papers, which are dominated by the unrest in the Tory party following the mini-budget and the virulent reaction of the financial markets to Liz Truss and Kwasi Kwarteng’s ill-received plans.

The Sunday Times headlines on Jeremy Hunt taking control of the government’s economic strategy. The paper says he will postpone the planned penny cut in income tax scheduled for next year and will cut public spending by £72bn.

It also reports on “plotters” jockeying for position should Truss quit.

The Sunday Mirror says Defence Secretary Ben Wallace is being urged to step in as prime minister with Rishi Sunak as his chancellor.

And the Sunday Express reports that 100 Tory MPs plan to topple Truss and install a “unity team” at the top of government “within weeks”.

Elsewhere, the Sunday People says a million workers may go on strike in a bid to get better pay - but the paper adds it is the prime minister who is the “worker we all want out”.

• Read more in our full paper review

Image source, PA Media

Ahead of Sunday with Laura Kuenssberg, let's take stock of the week that was.

Monday: Scotland’s First Minister and SNP leader Nicola Sturgeon uses her conference speech to take aim at Liz Truss's government - accusing it of overseeing "chaos and catastrophe".

Tuesday: Parliament returns from the conference break. A new report from the Institute for Fiscal Studies think tank says the government will need to make “big and painful” cuts to public spending to make the sums add up.

Wednesday: Truss faces only her second Prime Minister’s Questions, during which she tells MPs there are “absolutely” no plans to cut public spending - despite having spooked the markets by planning to borrow money to pay for tax cuts.

Thursday: Then-Chancellor Kwasi Kwarteng - who has gone to Washington for a meeting of the International Monetary Fund - tells the BBC he is "not going anywhere", despite the market turbulence he admits was caused in part by his policies.

Friday morning: Kwarteng cuts short his trip to the US and flies back to London - and as he drives to Downing Street it becomes known he is going to be sacked by the prime minister - although their exchange of letters says he agreed to “step aside”.

Ahead of a news conference on Friday afternoon, No 10 announces former Foreign Secretary Jeremy Hunt has been appointed as Kwarteng’s replacement.

Friday afternoon: At her media briefing, Truss reverses her plan to cut business tax and admits "parts of our mini-budget went further and faster" than the markets were expecting. She dismisses calls for her resignation, but there is growing disquiet among Tory MPs about her continuing tenure in Downing Street.

Saturday: Chancellor Jeremy Hunt does a round of media interviews in which he says mistakes were made in the mini-budget, and the government will need to make difficult decisions about tax and spending.

Laura Kuenssberg
Presenter, Sunday with Laura Kuenssberg

Image source, Getty Images

Who is in charge? Over the last couple of days you'd be forgiven for wondering if anyone was running the country.

The dizzying ups and downs of the mighty financial markets suggest they didn't really have faith that anyone had a grip on things either.

What happens on traders' screens affects the costs we have to grapple with - whether mortgages or rents - and how much of our taxes the government can spend on vital public services rather than paying interest on debt.

Under acute pressure from the markets, Prime Minister Liz Truss had a choice: stick with her plan and say goodbye to what economic credibility her government had left - or say farewell to her proposals and try to muddle on.

In other words - change or die. She chose change. But has she killed off what political authority she had left and handed it to someone else?

• Read Laura’s full preview of today's show here

Listening to the interviews on Sunday with Laura Kuenssberg are this week's panel:

Matt Hancock is a Conservative MP and former health secretary who was in post during the height of the Covid pandemic in the UK but resigned in June 2021 after admitting he breached social distancing guidance after footage emerged of him kissing a colleague in the Department for Health.

Christina McAnea has been general secretary of the UK’s largest trade union, Unison, since November 2021. She was previously one of its assistant general secretaries. McAnea left school at 16 and worked in the civil service before going to university at the age of 22 and working as a housing officer for Glasgow City Council.

John Allan has been chairman of supermarket giant Tesco since 2015. After a career in industry with firms such as Associated British Foods and Excel Logistics, he took up the chairmanship of electronics retailer Dixons before being appointed to head the board of Tesco.

Just last week on Sunday with Laura Kuenssberg we heard from cabinet minister Nadhim Zahawi, who urged his colleagues to get behind Prime Minister Liz Truss after an unruly Conservative Party conference where disgruntled MPs sounded off about the fallout from the 23 September mini-budget.

On to this Sunday, and the prime minister has sacked her political ally Kwasi Kwarteng - who as chancellor carried out her wishes to cut taxes and boost growth through a plan which led to a turmoil on the financial markets and questions over his and Truss’s judgement.

Kuenssberg has been speaking to Kwarteng’s replacement, Jeremy Hunt, about the government’s plan to win back the trust of the markets, and voters who are worried about keeping their homes.

How do Labour capitalise on the Tories’ disarray? Also joining us is shadow business secretary Jonathan Reynolds.

We’ll also find out why the founders of Covid jab maker BioNTech think a vaccine to protect people against cancer is “within our grasp”.

There is also a Sunday panel listening to the interviews and giving their reaction. This week it’s Unison union general secretary Christina McAnea, Tesco chairman John Allan and former Health Secretary Matt Hancock.

We’re live on air at 09:00 BST so stay with us here because you’ll be able to watch it without leaving this page, plus we’ll bring you the best news lines and analysis.