Finance chiefs last night said Britain was being run by “a confederacy of dunces” after the pound plummeted to a record low against the dollar.

Prime Minister Liz Truss and Chancellor Kwasi Kwarteng are being castigated following their mini-budget which saw sterling fall to just $1.03 yesterday.

And the Bank of England may have to hike interest rates again as markets clearly signalled their dislike for the Government’s economic plan.

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Samuel Mather-Holgate, of advisory firm Mather & Murray Financial, said: “The markets clearly don’t think Kwarteng’s budget is credible.

“So some of his policies need to be re-thought and then retracted. This country is being run by a confederacy of dunces.”

Both the Chancellor and Truss have defended their tax cuts amid calls by Labour for a “credible plan”.

But Tory MPs are already submitting letters of no confidence in Truss amid the mini-budget backlash, with one describing Friday’s announcement as a “s***show”.

One former minister said: “Liz is f * . She is taking on markets and the Bank of England. Her and Kwasi are playing A-level economics with people’s lives.”

And there are fears the pound could even plunge to parity with the US dollar.

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David Robinson, co-founder at London-based Wildcat Law, also lambasted the Government’s short-sighted plan.

He said: “The markets are showing what they think of the mini-budget and unfortunately, it’s not in Truss they trust, it’s the safety of the US dollar.

“Any minor uplift to household budgets given by the mini-budget will be more than outweighed by the impacts of sterling’s slide.”

Mark Robinson, managing director of Southampton-based Albion Forest Mortgages, said: “The pound has fallen almost as low as the confidence in the current leadership.

“If this leads to more base rate rises it could be disastrous for all of us.”

Mr Kwarteng said his officials were “monitoring developments in financial markets very closely” after the pound tanked.

The Treasury has confirmed the Chancellor will set out a medium-term fiscal plan on November 23.

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