Furious Tory MPs hit out at chancellor after they are invited to a meeting to discuss his budget

Conservative MPs have been invited to a meeting with chancellor Kwasi Kwarteng on Tuesday after the pound plunged to an all-time low against the US dollar amid renewed fears over the government’s plans. Former Tory Treasury minister Lord O’Neill described Mr Kwarteng’s mini-budget as “slightly cavalier”. The Tory peer told BBC Radio 4’s World at One that the market response “won’t be easy to stop unless there’s a tough Bank of England response or a more articulate presentation from the chancellor and the prime minister”. He said: “I think that the chancellor has made clear that he doesn’t comment on the movements around the market, and that goes the same for the prime minister.” No 10 added: “The growth plan, as you know, includes fundamental supply side reforms to deliver higher and sustainable growth for the long term, and that is our focus.” Nonetheless, financial markets have been dominated by speculation that the Bank of England may need to increase rates by as much as one percentage point to 3.25 per cent to steady the falling pound. Labour’s shadow chancellor Rachel Reeves compared Ms Truss and Mr Kwarteng to “desperate gamblers in a casino chasing a losing run”.