Jeremy Hunt has said the UK Government will have to take “some very difficult decisions” in order to get debt down.
The newly-appointed chancellor hinted that spending could be cut, with some taxes also rising.
Prime Minister Liz Truss appointed Hunt on Friday after sacking Kwasi Kwarteng.
On a dramatic day in Westminster, Truss also confirmed in a press conference that she would no longer be ditched a planned increase in the rate of corporation tax.
Truss promised Conservative Party members in the leadership contest that she would keep the tax at 19%.
However, in a major U-turn, she instead indicated that she would be going ahead with raising the rate to 25%, as had been set out by the previous government under Boris Johnson.
Hunt – who previously served as health secretary for six years – will set out a fiscal plan on October 31.
However, he has declined to be drawn into specifics of what he may or may not announce.
He will attempt to calm the markets, which have been in flux since the so-called mini-budget set out by Kwarteng in September.
Bank of England governor Andrew Bailey said that he spoke with Hunt on Friday following his appointment as chancellor.
In a statement released by the Treasury on Saturday evening, the chancellor indicated that it was right to focus on growing the economy.
But he acknowledged that the plans previously announced had gone “too far, too fast”.
“My focus is on growth underpinned by stability,” said Hunt.
“The drive on growing the economy is right.
“It means more people can get good jobs, new businesses can thrive and we can secure world class public services.
“But we went too far, too fast.”
Hunt insisted that he will set out “clear and robust” plans to ensure that government spending is as “efficient” as possible.
He also underlined the need to have “rigorous” control over the public finances.
“We have to be honest with people and we are going to have to take some very difficult decisions both on spending and on tax to get debt falling,” the chancellor continued.
“But the top of our minds when making these decisions will be how to protect and help struggling families, businesses and people.
“I will set out clear and robust plans to make sure government spending is as efficient as possible, ensure taxpayer money is well spent and that we have rigorous control over our public finances.”
STV News is now on WhatsApp
Get all the latest news from around the countryFollow STV News
Follow STV News on WhatsApp
Scan the QR code on your mobile device for all the latest news from around the country