Kwasi Kwarteng has the prime minister’s complete confidence and will stick to his growth plan, a minister has told Sky News.

Greg Hands, the international trade minister, said: “I know the prime minister’s got total confidence in Kwasi Kwarteng.

“I’ve worked very closely with Kwasi, he is an incredibly capable person, a very, very bright person who makes good judgement calls.

“And I have absolute confidence in Kwasi Kwarteng as chancellor of the exchequer.”

Mr Hands refused to be drawn on reports the chancellor and Prime Minister Liz Truss are set to U-turn on key parts of the mini-budget that was announced last month and has caused market turmoil since.

He repeatedly insisted the public will have to wait until Mr Kwarteng sets out details of how the plans will be paid for on 31 October, when he sets out his medium-term fiscal plan and the Office for Budget Responsibility publishes its forecast.

The chancellor has been at the IMF meeting in Washington DC this week but left a day early to arrive back in the UK today.

Chancellor Kwasi Kwarteng to return to London from Washington early as major mini-budget U-turn expected

Chancellor Kwasi Kwarteng insists he is ‘not going anywhere’ – and hints at mini-budget U-turn

Kwasi Kwarteng in Washington DC for talks with IMF as Liz Truss faces revolt at home

But Mr Hands insisted it is “not unusual” for ministers to return from international visits a day early and said he is returning to have discussions with colleagues and to prepare for the medium-term fiscal plan on 31 October.

He also went with the government line that Ms Truss and Mr Kwarteng have been sticking to as he said the turmoil seen over the past few weeks is also being seen around the world due to Vladimir Putin’s war in Ukraine and as the world bounces back from the pandemic.

Reports overnight said some Tory MPs are ready to back Rishi Sunak to replace Ms Truss as PM, with Penny Mordaunt as chancellor.

But Mr Hands, who supported Mr Sunak in the Tory leadership campaign, rubbished that notion, saying he “does not recognise that story at all”.

He added that he spoke to Ms Mordaunt yesterday and would be “very surprised” if that was true.

“What we do need to do is the Conservative Party does need to unite behind our prime minister,” he added.

“She was our choice for the Conservative Party just a few weeks ago. We need to remain united, get together behind Liz Truss. Kwasi Kwarteng is our team.”

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