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Mr Kwarteng’s vow to stick to measures that may not be popular with everyone will be seen as a sign that he will not reverse the abolition of the 45 per cent top rate of income tax.
On Friday, the Treasury resisted Tory pressure over the commission Office for Budget Responsibility (OBR) announce the announcement before the fiscal statement on November 23.
Liz Truss and Mr Kwarteng met Richard Hughes, President of OBR. He said the initial forecasts would be given to the Treasury Department next week, but would not be made public.
The Treasury wants to wait until its eight supply-side reform packages are unveiled and new fiscal and spending pledges are announced before making a full assessment.
Mr Kwarteng writes: “Even with extreme volatility in global markets as major currencies struggle against an incredibly strong US dollar, we will demonstrate to financial markets and investors that our plan is solid, credible and will work to drive growth.”
The political situation facing the Tories when they gather for conference on Sunday is dire. A series of opinion polls gave Labor leadership between 20 and 33 percentage points – avalanche zone.
The backlash over the mini-budget, particularly over the repeal of the 45p tax rate, is growing, with some Tory MPs said to be in talks with Labor about tactics.
On Friday, Tory veteran Sir Charles Walker predicted his party’s defeat, saying: “It’s hard to make an argument now that the Conservatives can win a general election.”
Simon Clarke, the senior minister, described Ms Truss as “dedicated” despite the backlash to the budget.
“She’s obviously, you know, under pressure, which most of us would find quite devastating. But she’s clear in her mind and her conscience is clear that this is the right thing to do,” he told The Times.
He added: “The worst is behind us in terms of this increased anxiety over the last few days. Do I believe that things will get much better in 2023? Yes, I understand.
“I don’t think there’s anything here that basically can’t be solved by setting a strategy that the markets trust.”
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