Britain is the only G7 nation yet to recover its pre-pandemic size having previously suffered a decade of near-stagnant income growth.

Speaking outside the door of her Number 10 Downing Street office, Truss accepted that she could not deliver the promises she made when she was running for Conservative leader, having lost the faith of her party.

Polls show Truss's personal and party ratings have plummeted, with YouGov saying Tuesday that she had become the most unpopular leader it has ever tracked.

After blaming 'global headwinds' for investors dumping the pound and government bonds, Truss says she is sorry for going 'too far and too fast' with a radical economic plan to snap Britain out of years of tepid growth.

Britain, engulfed in a political crisis, has lost three prime ministers since it voted to leave the European Union in 2016.

Truss will reiterate that her government will keep 'an iron grip' on Britain's finances, and will set out her belief in fiscal responsibility, value for money for the taxpayer, sound money and a smaller state, her office says.

Just hours after Truss went on television to defend the policy, Kwarteng released a statement saying he accepted it had become a distraction from wider efforts to help households through a difficult winter.

This comes after Kwasi Kwarteng unveiled a string of tax cuts in a fiscal statement that was not accompanied by OBR forecasts and which sent British financial markets into turmoil.

Britain's finance minister Kwasi scrapped the country's top rate of income tax and for the first time put a price tag on the spending plans of Prime Minister Liz Truss, who wants to double Britain's rate of economic growth.

Her first big announcement, on only her second full day in office, had been a more than 100 billion pound package to ease the pain of spiralling energy prices.

Britain has been one of Ukraine's most vocal international backers sending almost 7,000 anti-tank weapons, hundreds of missiles and armoured fighting vehicles.

Johnson, who was forced out of office by his own Conservative Party over a series of scandals, urged the country to come together and back his successor.