The financial secretary to the Treasury, Andrew Griffith, has defended the government's budget plans after it came under sharp criticism from within the Tory party and Labour following a day of turmoil in UK financial markets. 'We think they are the right plans, because those plans make our economy competitive,' said Griffith. 
His comments came after the Bank of England intervened to stabilise financial markets saying it was pushed to act after UK borrowing costs rose sharply and the pound fell against the dollar, a development triggered by chancellor Kwarteng's 'mini-budget'. 'Well what we've seen today is the Bank of England do their job. They've made a targeted and timely intervention in the market, that's their decision but they've done so working very closely with the chancellor,' Griffith continued, arguing that other major economies were struggling with similar economic headwinds. 
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Truss ‘standing by Kwarteng’ as Treasury defends plans despite market turmoil – UK politics live