Red Wall Tory MPs have reacted with dismay to the Government’s handling of the mini-Budget and fear a “deluge” of complaints from constituents.

Few Conservatives have gone on record to support the new Prime Minister Liz Truss since her Chancellor’s tax-cutting “plan for growth” sparked chaos in the financial markets and forced the Bank of England to intervene.

Mortgage lenders have also withdrawn products following predictions that interest rates could rise to 6 per cent next year, leaving homeowners facing huge increases in their monthly bill.

There are already reports of Conservative MPs handing in letters of no confidence in the Prime Minister and calling for Mr Kwarteng to be sacked.

One Conservative in a Northern seat told i they have “sympathy” with what the Government is trying to achieve but criticised the way the mini-Budget was delivered.

“We want people to have lower taxes but it has to be delivered in a collaborative way,” said the MP. “You have to help the markets, you don’t just turn up and announce it and say, ‘This is what we’re doing.’ That is the frustration, some of this could have been avoided.”

There is fear among some “Red Wall” MPs that an increase in mortgage costs will spark a major backlash among constituents. They said they had yet to receive an avalanche of complaints but believe it is only a matter of time.

“This is technically difficult stuff for most people to understand,” they added. “But once it starts taking effect there will be an absolute deluge.

“There will be colleagues thinking, ‘How the hell do we make sure interest rates don’t go through the roof so people in Northern towns can pay their mortgages?’ At the the moment it’s the calm before the storm, in two or three weeks it could be totally different.”

Another MP told i they had found the mini-Budget “thoroughly depressing”, especially because it had not been communicated to the public well enough.

And Robert Largan, MP for High Peak, tweeted last night: “I have serious reservations about a number of announcements made by the Chancellor. I do not believe that cutting the 45p top tax rate is the right decision when the government’s fiscal room for manoeuvre is so limited.”

Ms Truss spoke on local radio stations on Thursday morning in her first public remarks since the market turmoil began.

She insisted the Government’s tax-cutting measures are the “right plan” in the face of rising energy bills and to get the economy growing.

Ms Truss defended Chancellor Kwasi Kwarteng’s measures, insisting “urgent action” was needed to grow the economy, although she admitted the Government’s decisions had been “controversial”.

The Prime Minister told BBC Radio Leeds: “We had to take urgent action to get our economy growing, get Britain moving and also deal with inflation.

“Of course that means taking controversial and difficult decisions but I am prepared to do that as Prime Minister because what is important to me is that we get our economy moving, we make sure that people are able to get through this winter and we are prepared to do what it takes to make that happen.”