Ministers in the Scottish, Welsh and Northern Irish devolved governments have written to the Chancellor seeking an urgent meeting to discuss “reversing the damaging effects of the UK Government’s tax proposals”.

The letter, from Scottish deputy first minister John Swinney, Welsh finance minister Rebecca Evans and Northern Irish finance minister Conor Murphy claims Kwasi Kwarteng’s package is “a huge gamble on public finances and the health of our economy”.

The letter said: “The UK Government has chosen to make things significantly worse by announcing a huge package of tax cuts for the most wealthy without any credible explanation of how these will be paid for.

“Urgent action is required now to address the issues facing our economy, public services and households across the country.

“Such action cannot wait until the update you have announced will take place in November.”

It added: “With the crisis deepening and the prospects for the economy deteriorating by the day, it is essential that you take action to reverse the damage these policies are causing, for the benefit of all parts of the UK.

"We also seek an urgent quadrilateral meeting with you to discuss this further.”