David Davies on Kwasi Kwarteng and Liz Truss

That's according to David Davies, Welsh Office minister and Gwent's only Conservative MP, following a day of turmoil in Westminster.

Speaking to the Argus following the departure of Mr Kwarteng and prime minister Liz Truss' reversal of her corporation tax plans, the Monmouth MP said he was "sorry that obviously the mini-budget didn't work out as planned".

Mr Kwarteng's 38 days in the Treasury comprised a turbulent few weeks in which his tax plans were followed by significant shockwaves in the financial markets.

Plans to remove the 45p income tax rate for the highest earners (reversed less than a fortnight ago) and to scrap a corporation tax rise (reversed on Friday) - with little detail on how the policies would be funded - prompted dire warnings from economists and sparked emergency interventions by the Bank of England, cranking up the pressure on the new PM and eventually compelling her to dismiss her finance chief.

Kwasi Kwarteng leaving Downing Street on October 14 after PM Liz Truss requested he stand aside. Picture: PA Wire (Image: PA)

But while Mr Davies said it "would have been very difficult" for Mr Kwarteng to continue in his job, he said the global economic picture meant there were no easy solutions.

"We’re in the middle of a financial storm… of unbelievable proportions," he said. "Every country in the world is facing it. It’s not going to be easy to find a way out."

He added: "Anything we do, and anything any chancellor does, is going to have consequences. We’ve got to be realistic about this."

The Monmouth MP said the short-lived bid to scrap the 45p tax rate "may have caused controversy but it didn’t cause any ruptures in the market", arguing instead the "very expensive intervention" to freeze energy prices for two years would invariably lead to difficult decisions being made.

"It’s going to cost up to £130 billion - if somebody’s got a magic answer how to do that, without borrowing money or raising taxes enormously, I’d like to hear it, but I haven’t heard it yet," he said.

Ms Truss has been in Downing Street for barely a month, and there are already rumours circulating in Westminster that some Conservative MPs want a change of leadership, as well as frequent opposition calls for a General Election. On Friday afternoon, the PM told reporters she wasn't going anywhere.

Prime minister Liz Truss at a press conference following the departure of Kwasi Kwarteng. Picture: PA Wire (Image: Daniel Leal/PA Wire)

Mr Davies challenged her critics to come up with their own solutions before calling for Ms Truss to go, and said holding another election now would be "feeding into this atmosphere of instability, which we don’t need".

"Constantly rocking the boat without having a solution isn’t helpful," he added. "If you’re concerned about the turbulence in the markets, and the lack of stability - whether you like a Conservative government or not - it might be best to think rather than just throw out lots of criticism, can I come up with a coherent answer myself as to what should be done.

"I haven’t heard a coherent answer - Labour certainly haven’t got one. They’ve got a lot of criticism, but that’s not a plan."