Sir Ed Davey, the leader of the Liberal Democrats are calling on Kwasi Kwarteng to “resign or be sacked” and the SNP are urging them to oust Liz Truss if she does not make and immediate “U-turn” over the mini budget.
The Chancellor has said that he is “not going anywhere” despite major calls to U-turn on the mini budget.
His financial plans has had a catastrophic effect on the economy, inflation, mortgages and now possibly pensions.
However Kwarteng has put himself on the spot because if he does U-turn on major parts of his mini budget it could end his position as the Chancellor.
Speaking from an International Monetary Fund summit, Kwarteng refused to rule out any changes to his plan.
He said, “I speak to Number 10, I speak to the prime minister all the time – and we are totally focused on delivering the growth plan.”
Kwarteng was asked if he and Truss will still be in Downing Street, the Chancellor said, “Absolutely, 100%. I’m not going anywhere.”
The Chancellor was then asked if he will resign if there are to be any further U-turns, Kwarteng said, “I am totally focused on the growth agenda.
“I am totally focused on making sure that people are helped with their energy bills, that the energy price guarantee is understood, that the scale of our intervention… is understood and that we can actually deliver this country a path, get us on a trajectory, to growing the economy so everyone benefits.”
He was then asked if there will be a reversal on corporation tax, he simply replied, “What I’m totally focused on is delivering on the mini-budget.”
He added, “there was some turbulence after the mini-budget.
“What I am going to acknowledge is the fact that it is a very dicey situation globally.
“Everybody is focused on inflation, everybody is affected by potential interest rate rises, everybody is affected by the energy price spike which has been exacerbated by Putin’s illegal war in Ukraine.
“Everybody across the global financial community is focusing on the same problem.”
The Lib Dem leader said that Kwarteng must “resign or be sacked.”
Sir Ed said a U-turn now “would come too late for many struggling families facing mortgage misery.”
He added, “The only way to restore credibility is for Kwasi Kwarteng to resign or be sacked.
“This chancellor has done enough damage and needs to go.
“His botched budget then needs to be scrapped altogether and replaced with a fair and responsible plan, including emergency support for mortgage borrowers bearing the brunt of this Conservative chaos.”
The SNP have also called on Tory MPs to oust the Prime Minister if she does not make a U-turn on the Chancellors mini-budget.
The SNP leader in Westminster, Ian Blackford, said, “The Prime Minister has run out of time and credibility.
“Tory MPs must put the economy first and force her to change direction now – or show her the door.
“Another U-turn might be humiliating for Ms Truss, but the Tories will never be forgiven if they fail to act.
“It’s essential the U-turn comes immediately.
“With every day they delay, the Tories are inflicting more damage to household incomes as mortgages rise, pensions fall, and the UK economy flounders.
“Dithering until 31 October will only make the damage worse.”