Tory MPs have backed the Chancellor Kwasi Kwarteng after he reportedly went to a Champagne reception after delivering his tax cuts for the wealthiest.

Kwasi Kwarteng has been defended by senior Tories as opponents called for an official inquiry following the reports that he attended a private Champagne reception with hedge fund managers who stood to gain from a collapse in sterling following his mini-budget.

The Sunday Times reported that he joined the gathering at the Chelsea home of a City financier on the evening of Friday September 23 where he was said to have been “egged on” to commit to his plan for £45 billion of unfunded tax cuts.

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Tory chairman Jake Berry, who was at the event, insisted nothing untoward happened and Conservative Party donors at the event should be “lauded”, while Prime Minister Liz Truss said meeting business people was part of the Chancellor’s job.

Mr Berry told Sky News on Sunday (October 2) morning: “I was there so I listened to what he said and what he talked about was his plan for growth.”

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He added: “I can categorically rule out that in terms of the address he made to the group of people who were there as part of this normal treasurer’s event, he did not give any insight into future plans and I’m sure in terms of his private conversations he didn’t give any.”

Meanwhile Prime Minister Liz Truss told the BBC: “The Chancellor meets business people all the time, that’s his job.

“I do not manage Kwasi Kwarteng’s diary, believe me.”

It came as Liz Truss refused to rule out real-terms tax cuts to welfare payments while speaking on Laura Kuenssberg’s Sunday morning programme.

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