A Tory MP has said he expects the chancellor to announce public sector spending cuts in the “coming weeks”.
Andrew Bridgen, MP for North West Leicestershire, said he believes Kwasi Kwarteng will cut government spending.
The backbencher made the comment when asked about Kwarteng’s mini-budget spooking the markets.
Last Friday’s controversial tax-cutting announcement sparked a disastrous day for the pound and has led to banks pulling mortgages from sale.
The £45billion package was heavily criticised by leading economists amid soaring borrowing costs.
Bridgen told BBC Radio 4’s Today programme: “I’ve spoken with the chancellor since his announcement and there are measures he could have taken.
“I think he could have cut some government spending and I think that he will do in the coming weeks.
“For instance, if the white elephant that is HS2 were cut that would show more fiscal control and control of spending.
“It’s going to happen and the government should get on and announce it.”
Bridgen also accused the Bank of England of “letting us down badly” by not putting interest rates up last year and for being “asleep on the job”.
However, Kwarteng’s mini-budget handed Labour a political gift as they descended on Liverpool for their annual conference.
Labour has surged to its largest poll lead over the Conservatives in more than two decades, as voters turned against the government’s tax-cutting budget.
A YouGov poll for The Times today put Labour 17 points clear of the Tories - a level of support not seen since Tony Blair won his landslide victory in 2001.
Buoyed up Labour MPs have said that the “cavalry is coming” and that they are “ready to get the country back in order”.
Asked about Bridgen’s comments on Radio 4, shadow health secretary Wes Streeting replied: “Who cares what Andrew Bridgen thinks?”