“Kwasi Kwarteng accused of altering history regarding Budget chaos by allegedly cautioning Liz Truss about tax reductions.”

Liz Truss’ allies accused Kwasi Kwarteng of “rewriting history” yesterday, after he allegedly warned her she was moving too far, too quickly, in her radical economic reforms.

The former chancellor said he had urged the then prime minister to “slow down” in the wake of the September mini-budget which led to its downfall.

Mr Kwarteng acknowledged he had “some responsibility” for the micro-budget timeline, which has rattled financial markets, but said Miss Truss had “a lot of perspective we need to get things moving quickly”.

“Even after the mini budget we were going by leaps and bounds,” he told TalkTV on Thursday. And I said, ‘You know, we have to slow down.’ And she said, ‘Well, I only have two years’ and I said, ‘You’ll have two months if you keep going like this.'”

But Truss allies say Kwarteng is ‘rewriting history’ and has ‘completely scored’ on the micro-budget

But an ally of the former prime minister said yesterday Mr Kwarteng’s version of events “doesn’t stack up”. They said: There is a serious rewriting of history going on here. It was scored entirely on the micro budget. After that no action was taken other than reversing parts of it – nothing to slow it down.

Another ally noted that Mr. Kwarteng ignored the market’s concerns about the mini-budget at the time, even giving a TV interview two days later, boasting that there was “more to come” about tax cuts. “If anyone is pushing to go faster, it’s him,” the source said.

Mr Kwarteng refused to apologize for the financial turmoil caused by the mini budget, but acknowledged that “there was turmoil and I’m sorry for that”. “The strategic intent was right,” he said, but “we should have had a much more deliberate approach.”