Ayr, Carrick and Cumnock MP Allan Dorans has backed calls for the Chancellor of the Exchequer, Kwasi Kwarteng, to resign or be sacked following his "shambolic" handling of the UK’s finances.

It comes as the independent Office for Budget Responsibility (OBR) confirmed they offered to provide a forecast to the Chancellor to go alongside his fiscal statement, but that it was not commissioned by the UK Government.

This was despite the OBR confirming it was in a position to produce an updated forecast that satisfied the legal requirements of the Charter for Budget Responsibility.

Prime Minister Liz Truss and the Chancellor this week abandoned a plan to abolish the top rate of income tax for the highest earners in an astonishing U-turn.

The Chancellor acknowledged that their desire to borrow billions to axe the 45 per cent rate on earnings over £150,000 had become a “terrible distraction” amid widespread criticism and threats of a rebellion.

MP Mr Dorans says the 'huge fallout' has led to there being no other option but than for Mr Kwarteng to stpe down from his role.

“The fallout from the new Truss administration’s ‘mini-budget’ has been huge," said Mr Dorans.

"Taking a wrecking ball to the UK’s finances, endangering the pension funds of millions, causing banks to withdraw mortgages and leaving millions of families across the UK in deep distress. It’s like Black Wednesday 1992 all over again.

“We now learn that despite the OBR publishing their forecast to  November 23. This is simply unacceptable.

“It’s been a disastrous first few weeks of her premiership but if the rhetoric from the Conservatives is to be believed, the worst of this Truss government is yet to come.

“Instead of trying to dodge accountability or, as we now know, drinking champagne with hedge fund managers on the night of his budget, the Chancellor must do the honourable thing and resign or be sacked."

In a sign of support for Kwasi Kwarteng following the humiliation of the 45p U-turn, Ms Truss said she was “in lockstep” with her “dynamic” Chancellor.

She said: “Cutting taxes is the right thing to do morally and economically.

“Morally, because the state does not spend its own money. It spends the people’s.

“Economically, because if people keep more of their own money, they are inspired to do more of what they do best.”