Tory MP slams 'inept madness'

DIVISIONS were emerging in the Conservatives yesterday, after the Chancellor's mini-budget prompted turmoil in the markets and talk of a financial crisis.

With Liz Truss only a few weeks in office, the mood in the party once again appears divided as MPs hit out at the tax-cutting plans announced on Friday by Kwasi Kwarteng, with one prominent backbencher calling the plan "inept madness." 

It comes as the Bank of England was forced to launch an emergency bond-buying programme to prevent borrowing costs from spiralling out of control and to stave off a "material risk to UK financial stability" The International Monetary Fund, in a highly unusual move, has already flagged serious concerns about the mini-budget.

The crisis has prompted Labour and other opposition parties to call for a recall of Parliament, so MPs can hear from the Chancellor about his plans to restore market confidence.