A Norfolk Conservative MP has said prime minister Liz Truss and chancellor Kwasi Kwarteng need to "look again" at their economic package to "get the balance right".

South West Norfolk MP Ms Truss insisted the government’s tax-cutting measures are the “right plan”, despite market turmoil sparked by the Chancellor’s mini-budget.

Wymondham & Attleborough Mercury: Prime minister Liz TrussPrime minister Liz Truss (Image: PA Wire/PA Images)

But George Freeman, Mid Norfolk MP, called for a rethink over the economic package.

He said: "With the right economic package Norfolk can deliver serious sustainable long term growth.

"But this won’t happen if the markets are in freefall forcing interest rates to rise, risking a housing crash, deeper recession and less investment.

"I’m no longer in government, but will be making the case as a backbencher that my constituents want to see the right balance between targeted cost of living relief and help for small businesses in our local economy.

"I hope the prime minister and chancellor will look again at the package to get the balance right."

Mr Freeman said the government was right to highlight the "longstanding" problem of top down Treasury command which has blocked the ability for local leaders to deliver growth.

But he said for a growth plan to succeed, it needed the confidence of the financial markets and more targeting of energy and tax relief to vulnerable businesses and households, instead of tax cuts for the well-off.

Waveney MP Peter Aldous said: "The measures she proposed are proportionate and realistic and I think will help people get through what could be a difficult winter.

"Though I think it is very important to keep the situation under review and more measures may be needed.

"I understand why the government felt there was a need to press ahead with the mini-budget on Friday, but I think it would have been a better approach to delay it until mid-October so they could have done very detailed analysis and more preparatory work."

North Norfolk MP Duncan Baker said: "Fundamentally, the approach set out by the chancellor to achieve economic growth is one that I believe in and is a vision that we must try to achieve.

"The government has an ambitious target, but in their enthusiasm to deliver this, it has to ensure that the public and the markets understand how these tax cuts can be funded and the desired growth achieved."

Norwich North MP Chloe Smith, South Norfolk MP Richard Bacon, Broadland MP Jerome Mayhew, Great Yarmouth MP Brandon Lewis and North West Norfolk MP James Wild were approached for comment, but did not respond.