The Chancellor, Kwasi Kwarteng MP, performed an about turn on one of his key economic pledges after it was widely condemned.

Kwarteng had pledged to scrap the 45p rate of tax on earnings over £150,000. Only one Sunday did Prime Minister Liz Truss declare the policy decision the 'right decision'.

On Monday, however, Kwarteng announced that the government had 'listened' and had therefore decided to keep the tax rate as it is.

In the intervening days between the two announcements, the value of the pound plummeted and the price of mortgages spiralled.

Even her own party realised that the 'mini-budget' was somewhat of an own goal.

Michael Gove told Times Radio: "I think she's recognised, as we all do in politics, that if you bite off just that little bit more than you can chew, then the right thing to do is to extract the gobstopper as it were, and then get on with the job,"  

However, for many people with mortgages, the damage has already been done. Although interest rate predictions for next year reduced after Kwarteng's U-turn, they remain much higher than they were before the initial announcements.

According to Moneyfacts, an average two-year fixed rate deal is now 5.75%, which is one percentage point higher than it was before the mini-budget.

Richard Foord said: "This budget has been a complete shambles from the start. Key sections are now being shelved, yet it still just doesn't add up. Devon's Conservative MPs must tell Liz Truss to scrap this budget before even more damage is done. 

"It's plain to see that the Chancellor is simply not up to the job and his actions over the past week have shown that he is not on the side of people who are struggling with the cost of living crisis.  

"Despite today's U-turn, there are still billions of pounds worth of unfunded tax cuts for large banks and big corporations in this budget - all while local people endure the worst cost of living crisis since the 1970s. Just how out of touch can this Conservative Government get?  

"This botched budget had already hit people in the West Country hard by sending mortgage rates skyrocketing and I fear for our local NHS services, which are in line for savage cuts while the Government prioritises tax cuts for banks and the richest companies. 

"Kwasi Kwarteng must take responsibility for the damage he has caused. He should resign and make way for a new Chancellor." 

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