Top Tory Kwasi Kwarteng dodged questions about the slide in the pound this morning as he began to face calls to quit.
In an awkward 53-second clip, the Tory Chancellor was followed through central London to his office after a torrid night on markets.
Asked if he’d respond to the turmoil, he replied: “I’m not going to make any comment now, thank you.” Followed a little longer, he said: “I’m just going to my office now, thanks.”
The pound hit its lowest level against the dollar since decimalisation in 1971, falling to just $1.03 before rebounding to $1.09 dollars.
But the Treasury later said Mr Kwarteng would carry on with more economic reforms in October and November despite the reaction to his mini-Budget - which will borrow £72bn in a single year to fund tax cuts, including for £150,000 earners.
There will be a Medium-Term Fiscal Plan on November 23 followed by a Budget in the Spring.
The October and November reforms will include “changes to the planning system, business regulations, childcare, immigration, agricultural productivity, and digital infrastructure,” the Treasury said.
The Bank of England gave a hotly-awaited urgent statement tonight. It did not change interest rates today, but warned it would not hesitate to raise "by as much as needed" in future to get inflation under control.
The Resolution Foundation warned a homeowner 17 years in to a £140k mortgage would see their monthly payments rise by £190 if rates rise by 2.75 percentage points. Another point would push this up by another £80 a month.
Despite being appointed just weeks ago, Mr Kwarteng is now facing some calls to resign.
TSSA union General Secretary Manuel Cortes called on the Chancellor to quit - along with Prime Minister Liz Truss.
He said: “The net result of Kamikwasi economics will be higher inflation, a spike in interest rates and an increased cost of government borrowing making all of us poorer.
“Along with Truss the Chancellor must resign without delay and if they refuse to do so Tory MPs must remove them.
“No one can be in any doubt that their bogus economic strategy is a real and present danger to British jobs, businesses and livelihoods.”
Lib Dem Treasury spokeswoman Sarah Olney said: “By proposing a botched and out-of-touch budget then refusing to comment when it goes wrong, the Chancellor is showing contempt for British families and businesses.
“If the pound continues to plummet and reaches parity with the dollar, this would be an unprecedented national humiliation with devastating consequences.
“Kwasi Kwarteng would surely have no choice but to resign to restore confidence in our economy.”
MPs today claimed some fed-up Tory MPs are already sending no-confidence letters in Liz Truss.
Two sources told the Mirror they believed a small number were “mobilising” after the pound crashed to its lowest against the dollar since decimalisation in 1971.
But it is thought that under current rules, Liz Truss would be safe from a no-confidence vote for a year - even if letters hit the threshold of 54 that would normally trigger one.
The backbench 1922 Committee grants a one-year grace period to leaders who survive a challenge.
A source suggested this also applies to new leaders for a year after they take office.
One Tory MP told the Mirror they believed some letters were going in to the 1922 Committee.
“Monday morning feeling seems to have hit some people hard,” they said. “Some of my colleagues need to take up yoga.”
A second Tory MP told the Mirror they believed “there are letters” going in and “there has been some mobilisation”.
But an MP quipped: “She's crackers but it would be crackers to defenestrate another one so quickly.”
Downing Street has signalled that it will push ahead with its massive package of tax cuts.
The PM’s official spokesman 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.
"The UK with the second lowest debt-to-GDP ratio in the G7 is investing in its future. That's through a growth plan while remaining fiscally responsible and committed to driving down debt in the medium term.
"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."
