Tory MPs have been defending Kwasi Kwarteng’s mini budget U-turn on Monday morning and there have been calls for the Chancellor to resign.

The Liberal Democrat leader Sir Ed Davey has said that the Chancellor should be sacked as the government is on “complete chaos.”

Sir Ed blasted that Kwarteng should not have been having “cocktail parties” at the Tory conference and should be in Westminster getting “this right” and then warned that the Chancellor has lost the “credibility to make all the changes that are needed.”

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He added that Kwarteng “needs to consider his position” and said, “I think he must go by the end of the day.”

The Business Secretary Jacob Rees-Mogg said Kwasi Kwarteng was an “excellent chancellor,” he was then asked should Kwarteng quit, he said no and that “of course” he can stay in his position.

The SNP’s economy spokesperson Alison Thewlis said on Monday morning, “The Tory budget has been a disaster.

“It was inevitable this morally repugnant and hugely expensive policy would have to be reversed – after doing so much damage to people’s mortgages, pensions and the UK economy.

“People in Scotland will not forget that Liz Truss and Kwasi Kwarteng wanted to rob the poor to pay the rich – and this U-turn will not distract from the fact they are still planning to impose a new wave of devastating Tory austerity cuts, which will hurt the poorest and threaten our NHS.

“Douglas Ross should be apologising for demanding that the Scottish government replicate this damaging policy in Scotland.

“It’s no wonder Tory MSPs are plotting to have him removed as Scottish Tory Leader. It’s completely inept.

“The disastrous Tory budget underlines why it’s essential that Scotland becomes an independent country, so we can escape the damage of Westminster control and get rid of the Tories for good.”