The mini-budget “seemed designed to provoke the markets” when they were already vulnerable, a backbench Tory MP has said, in the latest criticism of the new government from its own side.

Writing in The House magazine, Waveney MP Peter Aldous joined the criticism of Liz Truss and Kwasi Kwarteng‘s mini-budget last week.

He highlighted the lack of an independent forecast and parliamentary scrutiny as reasons why the fiscal statement was going down badly.

Labour, the Liberal Democrats, and other opposition parties have understandably reacted badly to the mini-budget, but there is growing disquiet among Tory MPs about the plan announced.

No 10 says it ‘values scrutiny’ of fiscal watchdog after meeting – despite rejecting earlier forecast | latest updates

Mr Aldous – one of the first Conservatives to call for Boris Johnson to resign – said he wanted the growth plan scheduled for 23 November to be brought forward.

The prime minister and chancellor held a meeting with Office for Budget Responsibility this morning, during which they said a forecast from the watchdog would be published on 23 November – more than seven weeks in the future.

Labour surges to record lead in polls as Truss insists mini-budget did not cause economic turmoil

Truss and Kwarteng to meet fiscal watchdog today after MPs demand full economic forecast

No 10 defends Truss chief of staff Mark Fullbrook being paid through his lobbying firm

Speaking about the need for “sound money”, Mr Aldous said: “Nothing about the chancellor’s opening weeks at the Treasury have reassured me – nor, more importantly, the markets – in this regard.

“From the ill-advised dismissal of Tom Scholar to the dash to rush through fiscal policy measures without an accompanying OBR report or proper parliamentary scrutiny, actions have almost seemed designed to provoke the markets at a time when they were already demonstrably volatile.”

The government line is that international conditions led to the stormy conditions in the market since the mini-budget last Friday.

Speaking about Universal Credit, Mr Aldous said he wanted to see benefits given a real-term rise – with anything below that being “unconscionable to people given the government’s tax-cutting agenda elsewhere”.

The government has said that a review into the benefits uprating for next year will be carried out in the normal fashion.

Read more:
Fiscal watchdog to give initial forecast on mini-budget after meeting with PM and chancellor
Labour surges to record lead in polls
‘That’s an annihilation’: Labour’s poll lead alarming for Tories

The Suffolk MP added that “tax cuts alone” are unlikely to get the UK to the target of 2.5% growth – and something more than “vague pledges” to cut red tape is needed as well.

He also said that something needed to be done to “address the UK’s chronically low productivity rates”.

Click to subscribe to the Sky News Daily wherever you get your podcasts

He is not the first Conservative backbencher to object to the cornerstone policy of the new government.

Former chief whip Julian Smith tweeted on Thursday that the government “must scrap” the axing of the top tax rate, and “take responsibility” for the issues the mini-budget caused in the market.

High Peak MP Robert Largan said that the current plan was “untenable”, and that “you cannot freeze benefits and pensions while cutting taxes for millionaires”.

Related posts:

‘Real opportunity’ to ‘open up’ travel for those with two COVID jabs – PM says Self-isolation exemption for food supply chain staff won’t be extended to other businesses – minister Why key part of government’s counter-terrorism strategy is under scrutiny after MP’s murder ‘Absolutely nothing to indicate’ new lockdown is needed, says Boris Johnson ‘Her incompetence on this issue is dangerous’: Home sec’s handling of migrant crisis attacked by Labour Labour criticises controversial change to social care reforms but fails to provide alternative Uplifting, funny and full of warmth: Murdered MP’s character shone through in Westminster service PM risks further anger over social care reforms as he appears to step back from manifesto commitment PM addresses Russian people in their language: ‘I do not believe this war is in your name’ Government urged to take action to reduce energy bills for pensioners and vulnerable people Boris Johnson set to announce extension of right to buy Unlike previous PM’s ousted by their party, Boris Johnson is leaving in disgrace