North Dorset MP Simon Hoare has called for an end to ‘inept madness’ as the UK’s financial crisis continues – as the Government defends last week’s mini budget.

On Wednesday (28 September), the Bank of England began buying government bonds in a bid to bring stability to the markets after borrowing rates continued to spiral.

Announcing the move, the bank said the crash in the value of loans to the government could become a ‘material risk to financial stability’.

It is hoped buying the bonds will bring interest rates being charged on government borrowing down, as they escalated after chancellor Kwasi Kwarteng’s mini budget last Friday (23 September).

Early indications were that the rates had fallen back after the move was announced.

Tweeting after the announcement, MP Mr Hoare quoted former chancellor Norman Lamont from the infamous Black Wednesday, in 1992, when a financial crisis saw the UK government forced to withdraw the pound from the Exchange Rate Mechanism (ERM).

“In the words of Norman Lamont on Black Wednesday: “today has been a very difficult day”,” the Conservative MP said.

“These are not circumstances beyond the control of Govt/Treasury. They were authored there.

“This inept madness cannot go on.”

However, the Government said the crisis would not prompt a u-turn on policies announced on Friday, including a cut in the top-rate of income tax to 40% from 45%, or the levels of borrowing.

Speaking to the BBC on Thursday morning, Prime Minister Liz Truss defended the mini budget, saying the government ‘had to take decisive action’ and that she was prepared to make ‘controversial and difficult decisions’.

And Junior Treasury minister Andrew Griffith said the government would not be changing course because ministers believe “they are the right plans” to make the UK economy competitive and to encourage growth.