Even with the government's U-turn on the 45p tax rate cut, the mini-budget remains "immoral, unjust and a far cry from Jesus' teaching", Christians have said. 

The package of tax cuts unveiled two weeks ago was dubbed a 'budget for the 1%' as it axed the cap on bankers' bonuses and the 45p rate of income tax for people earning over £150,000.

After a revolt by Tory MPs and turmoil in the markets that sent the pound crashing against the dollar, Chancellor Kwasi Kwarteng was forced into a humiliating climbdown on the income tax cut for top earners. 

The Ecumenical Council for Corporate Responsibility (ECCR) said that what was really needed was "a U-turn of government vision and values".

"In the cost-of-living scandal in which we find ourselves, the announcement of a mini-budget was a welcome glimmer of hope. Unfortunately, when delivered, the budget did little to offer hope and help to those so desperately crying out for it," the ECCR said. 

"The mini-budget prioritises the wealthiest while offering little help to the poorest, abandons plans to raise corporation tax, and uncaps bankers' bonuses while so many can't even afford the bare necessities.

"These measures were uncosted as well as unjust, causing fright in the markets and increasing the cost of borrowing for millions of homeowners. And now the Chancellor has confirmed that funding for public services will not increase in line with soaring inflation – an effective cut of £18 billion."

It added, "Even following a U-turn on the proposal to abolish the 45% income tax rate, this budget is immoral, unjust and a far cry from Jesus' teaching."

The ECCR said it wanted to see a raft of changes to policy, including a wealth tax imposed on the richest one per cent and a windfall tax on energy suppliers to support struggling families this winter and protect the NHS and schools.

"More than a U-turn on one proposal, we need to see a U-turn of government vision and values," ECCR said. 

Other recommendations include long-term investment in the insulation of homes and increasing renewables to address the energy crisis and climate change. 

"We urge the Government to go back to the drawing board and produce an emergency budget that immediately tackles these multiple crises facing us all," it added.