Kwarteng

Britain's new Treasury chief has acknowledged mistakes made by his predecessor and suggested that he may reverse much of Conservative Prime Minister Liz Truss' tax-cutting plans in order to bring stability to the country after weeks of economic and political turbulence.

In Britain, an opinion poll following the sacking of finance minister Kwasi Kwarteng showed seven in ten Brits did not think Prime Minister Liz Truss could win back the trust of voters.

British Prime Minister Liz Truss is holding her first Cabinet meeting on Wednesday, after appointing a government diverse in race and gender and united in its support for the new leader's staunchly free-market views.

Truss will also face her political opponents for the first time as leader during the weekly Prime Minister's Questions session in the House of Commons.

Britain's new prime minister Liz Truss convenes her senior ministers for an inaugural cabinet meeting on Wednesday on her first full day in office, before she faces a barrage of questions in parliament.

The unprecedented jump in natural gas prices will force more British energy suppliers out of business and the industry needs to prepare for prolonged pain, energy officials and the business minister said on Wednesday.