Tory MPs question Kwasi Kwarteng’s future after banks step in to protect Britain’s financial stability

Kwasi Kwarteng has been facing a growing revolt on Wednesday after a senior Tory MP slammed the “inept madness” of his mini-budget which resulted in the pound plummeting.

Following an emergency intervention by the Bank of England to protect Britain’s financial stability, Simon Hoare MP tweeted: “In the words of Norman Lamont on Black Wednesday: “today has been a very difficult day”. Hoare then added: “These are not circumstances beyond the control of Govt/Treasury. They were authored there. This inept madness cannot go on.”

His outburst came shortly after fellow Tory MP, Robert Largan, voiced “serious reservations” about some of the chancellor’s announcements. “I do not believe that cutting the 45p Top Tax Rate is the right decision when the Government’s fiscal room for manoeuvre is so limited. In my view, this is a mistake,” he tweeted.

Former Chief Whip Julian Smith is also amongst several Tory MP’s who have spoken out against the 45p rate of tax, which he described as “wrong.”

Amid uncertainty in the markets, the Bank of England was forced into an emergency intervention to protect Britain’s “financial stability” after the mini-budget. The bank said it would buy back billions of pounds of government debt in an attempt to lower the interest rate on public borrowing which has soared since the mini-budget announcement on Friday.

It stressed that it was also seeking to protect households and businesses from the crisis that also face rising mortgages and other borrowing costs. The move came at 11am, as the pound continued to free fall and as top bankers had been meeting the Chancellor who looked to defuse the crisis which he had sparked.