[bots]

Chancellor Kwasi Kwarteng has said he "gets how it looks" after it emerged he had attended a champagne reception with City of London financiers on the day of the mini-budget.

He told LBC this morning that "with hindsight it probably wasn't the best day to go" to the Tory party event, which he added had been organised "a few weeks" prior to his tax cuts announcement on 23 September.

Political opponents have called for an official inquiry, following reports in the Sunday Times that he attended a private champagne reception with hedge fund managers who were set to profit from a collapse in the value of the pound that accompanied his tax-cutting plans.

The paper reported the drinks were held at the Chelsea home of a financier, where Kwarteng was alleged to have been "egged on" to commit to his plan for £45bn of unfunded tax cuts.

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It just gets worse