Rishi Sunak has said “some mistakes were made” by Liz Truss as he made his first speech after being officially named as Prime Minister.

Mr Sunak, who became PM during an audience with King Charles III on Tuesday morning, said he is determined to “fix” the “mistakes” made by his predecessor.

Mr Sunak said Ms Truss was “not wrong” to want to deliver economic growth but that mistakes had been made in doing so.

He said: “I want to pay tribute to my predecessor, Liz Truss.

“She was not wrong to want to improve growth in this country – it is a noble aim.

“I admired her restlessness to create change – but some mistakes were made.

“Not born of ill-will or bad intention – quite the opposite in fact.

“But mistakes, nonetheless.”

He continued: “And I have been elected as leader of my party and your Prime Minister in part to fix them.

“And that work begins immediately. I will place economic stability and confidence at the heart of this Government’s agenda.

“This will mean difficult decisions to come.

“But you saw me during Covid doing everything I could to protect people and businesses with schemes like furlough.

“There are always limits, more so now than ever. But I promise you this – I will bring that same compassion to the challenges we face today.”

The former Chancellor also said he is “not daunted” by the task ahead of him and stands “ready to lead our country into the future”.

His speech comes after Mr Sunak was appointed Prime Minister by King Charles III after he accepted the resignation of Liz Truss after just 49 days in office.

The new Conservative leader was invited to form a government by Charles when they met at Buckingham Palace on Tuesday after Ms Truss departed as the shortest-serving prime minister in history.

Mr Sunak, 42, is the UK’s first Hindu PM, the first of Asian heritage and the youngest for more than 200 years.