Financial Secretary to the Treasury Andrew Griffith said they were the “right plans” for economic growth.
A Treasury minister has rejected calls for the government to abandon last week’s mini-Budget in the face of market turmoil.
Labour has called on ministers to ditch the proposals after they sparked a fall in the pound and a surge in borrowing costs.
But Financial Secretary to the Treasury Andrew Griffith said they were the “right plans” to grow the UK economy.
He claimed “very major economy is dealing with exactly the same issues”.
Speaking to broadcasters, Mr Griffith said the £45bn package of tax cuts announced last week would repair “underlying problems in the economy”.
He added the Bank of England had “done their job” by announcing it would buy government debt to stabilise the economy.