We're now hearing from Liberal Democrat leader Ed Davey.

He says people are suffering from the damage caused by the government's mistakes.

He says despite that, the chancellor refuses to impose a proper windfall tax on the profits earned by gas firms because of the war in Ukraine.

Davey asks if the chancellor will introduce a "proper windfall tax".

Hunt says he is not against the principle of taxing profits that are genuine windfalls. However, he says the government has to be careful to not tax companies in a way that drives away investment.

Nothing is off the table, he adds,

Conservative MP and former health secretary Matt Hancock says he welcomes the return of "fiscal responsibility" by his party.

He asks whether when the OBR reports are produced, they will show debt falling as a proportion of income, and show that once finances are under control, that day-to-day government spending won't take place from borrowing.

"Yes, and yes," replies Jeremy Hunt.

Another Conservative MP, Andrew Mitchell, says Jeremy Hunt's statement today "is both wise and necessary". He asks if Hunt will reassure MPs and the markets that the Bank of England and the OBR will "work together in total lockstep".

Jeremy Hunt says "one of the best things" about existing economic structures is the interaction between independent bodies and the Treasury.

Labour MP Dame Margaret Hodge expresses her relief that the "trickle down economics" has been abandoned.

She asks whether investment zones will also be axed, saying they have failed from the Thatcher years onwards.

"They are expensive and we lose income from them," she says adding that they create money laundering opportunities.

In response, Jeremy Hunt pays tribute to her work to stop people hiding wealth saying he will implement policy that learns lessons from past and will ensure it is successful.

Alison Thewliss from the SNP notes Liz Truss and Penny Mordaunt have left. She says the PM has created "unmitigated disaster" in the last 24 days and says that people "will be paying the price for many years to come."

She asks Hunt to apologise for the chaos and to confirm whether the bankers' bonus cap has been scrapped.

Thewliss asks a slew of questions, including: "Can you tell us what will happen in April? What will happen to business energy costs? Will the Chancellor commit to increase benefits with inflation? Will he cancel the benefit cap? Will he invest in renewables? And finally: does the Chancellor understand what chaos Tories have wreaked and the prospect of a bleak Brexit future?

Hunt responds that he looks forward to working closely with Thewliss. He reminds her that Conservatives are "spending £38.7bn to support people across the UK with the cost of living" which is possible only thanks to "difficult economic decisions" which are opposed by the SNP.

He adds: "The main thing I would say to her, very gently, is that she cannot claim to be concrened about the economic turmoil when the central policy of SNP - independence - would leave turmoil for Scotland for many years to come."

The pound accelerated its strong gains against the dollar and euro on Monday as markets welcomed a near-total reversal of tax and economics plans set out by former Chancellor Kwasi Kwarteng.

Sterling jumped to over $1.14 for the first time since 5 October this afternoon.

The British currency had slumped to a record low of $1.03 in the aftermath of the mini-budget.

It also rallied by 1.17% versus the euro - a few hours after new Chancellor Jeremy Hunt tried to reassure markets the government is committed to providing confidence and stability in the financial markets.

Chair of the Treasury Committee Mel Stride says that the statement by Hunt appears to have "in the very short term at least" to have "steadied the markets".

He asks for assurances that the new Economic Advisory Council won't work against existing public bodies.

"I can absolutely give him that assurance," says Jeremy Hunt, He says he wants to receive advice from all existing institutions, as well as independent advice.

He says no government can control the markets, but government should do what it can within its power and have a firm commitment to financial responsibility.

As the question ends, Liz Truss and Penny Mordaunt leave the chamber.

Hunt says that the Conservatives inherited a financial crisis, dealt with the pandemic, led the world on Ukraine - and this was "possible because of difficult decisions taken over the last 12 years".

"The true test will be in two weeks' time... I've shown Conservatives can cut taxes. Can Labour cut spending?", Hunt says, questioning whether the opposition will support spending reductions.

The Chancellor is now telling the House that because of the global financial crisis that happened on Labour's watch, the NHS went through one of its most difficult periods.

The Conservatives protected the NHS, he says, and in 2017 they were able to give the health service its biggest single increase in funding.

Nick Eardley
Chief political correspondent

Can the government turn things around on the economy?

Labour don’t think so.

You can expect to hear the attack line a lot over the next few weeks, that long-term damage to the economy has been done.

That may well include, in particular, that phrase “mortgage premium” - many Tory MPs are frightened that the electorate will punish them for the big increase in mortgage interest rates we’ve seen in recent weeks.

Hunt says that the UK currently has the lowest unemployment rate since 1994, and that since 2010 the UK's growth rate has been the third highest in the G7.

The Chancellor is now answering back in response to what Rachel Reeves has just said.

Jeremy Hunt says: "I understand the role of opposition parties, but behind the rhetoric I don't think she disagreed with a single one of the decisions I made."

"That is important for the country and markets to know," he adds.

"I support the independence of Bank of England set up by Gordon Brown and I'm sure she supports the OBR set up by George Osborne," he says.

The chancellor says he fully accepts the government has had to change some of the decisions but what he rejects is her "broader narrative of economic management".

The shadow chancellor says there is lasting damage policy U-turns won't change.

The government set fire to everything, and now insists that everything is fine, she says,

Trickle down economics will always fail, Reeves says.

The government have harmed the UK's economic institutions, she says, adding the only way to change the economic turmoil is a real change in government.

Shadow chancellor Rachel Reeves asks for Hunt and Truss to apologise for what's happened to ordinary families during this crisis.

She says the chancellor said "everything on the table," but abandoning the non-dom tax status would make the UK £3bn a year, and would "not be an eye-wateringly difficult decision".

"How can it be right that some of the richest individuals in society can buy their way out of paying tax?" she asks.

Nick Eardley
Chief political correspondent

Remember the promise to end Treasury orthodoxy?

Jeremy Hunt is showing every sign he is returning to it.

He is pledging to balance the books to calm the markets - and to make difficult decisions to ensure stability.

And he’s just announced one of the advisers on a new economic council will be Rupert Harrison - who was George Osborne’s chief of staff.

Reeves asks: "What spending cuts does the government plan to make?"

She says Labour believes the the government should uprate benefits and pensions in line with inflation.

"Will the chancellor make this clear today that that is what he intends to do?"

Rachel Reeves points at Jeremy Hunt asking if anything he says can be taken at face value.

She says the country has received a massive fiscal statement with no forecast.

"Has the government learnt anything?", she asks. "What has the government got to hide?"

Rachel Reeves says now that the Conservatives have put a lasting premium on people's mortages.

Millions of deals will be coming to an end, leaving many forking out more than £500 a month, she says.

People will be paying a Tory mortgage premium for years to come, she says.

Reeves continues that Jeremy Hunt was part of the government that did "austerity season one" and now the UK is heading towards "austerity season two".

She says Hunt's own pledges during his run for the Tory leadership was to cut corporation tax even more than the Truss government planned to, with no explanation of how it would be paid for.

She says there is no mandate from the public for any of these policy changes.

Reeves is listing the other climbdowns by the government, including the promise that the energy package would be valid for two years, which has now been withdrawn.

"The Tories have run out of credibility and now are running out of chancellors," Reeves says.

Shadow Chancellor Rachel Reeves says the PM should have spoken to the house today.

She's attempting to reverse everything she campaigned on, the PM is barely in office and she is certainly not in power, Reeves says.