According to the broadcaster, earlier in the day, Hunt refused to promise that the government would not abandon plans to increase defense spending to 3% of GDP by 2030, as Prime Minister Liz Truss had pledged. Hunt also added that the defense ministry, like other departments, would have to make additional savings.
The broadcaster noted that a defense source said that Wallace would demand the prime minister fulfil her obligations when asked if a U-turn on defense spending targets would prompt the defense secretary to resign.
Hunt was asked on Radio 4's Today programme if a "difficult tough decision" would be taken over the defense budget.
"We do need to increase defence spending, but I can't make a promise to you here and now about the timings of that. The long-term ability to fund an increase in defence spending will depend on stability in the economic situation and a healthily growing economy," Hunt replied.
On Friday, Kwasi Kwarteng announced his resignation from the post of the chancellor after reports leaked that he had been fired over a controversial tax cuts plan, which triggered a negative reaction from both markets and the general public. Later, former UK Secretary of State for Foreign and Commonwealth Affairs Jeremy Hunt was appointed as the next UK Chancellor of the Exchequer.