Liz Truss meeting with Graham Brady when she swerved Commons grilling on Kwasi Kwarteng

Penny Mordaunt apologises for events leading to changes in mini-Budget (PA)

A Cabinet minister has finally said “sorry” for the economic turmoil sparked by ex-Chancellor Kwasi Kwarteng’s mini-budget – as it’s revealed Liz Truss was with a key Tory backbench MP when she avoided a House of Commons grilling.

Commons Leader Penny Mordaunt, stood in for the Prime Minster to answer an urgent question on why Mrs Truss sacked Mr Kwarteng.

She repeatedly refused to say precisely where the Prime Minister was but did give the apology about the fiscal statement’s impact on people’s mortgages and firms.

It’s since emerged Mrs Truss was meeting with Graham Brady, the chair of the key 1922 Committee of backbench Tory MPs – and the man to whom letters of no confidence would be sent.

Government sources insisted the meeting was “pre-planned”.

It took place while Commons Leader Penny Mordaunt was answering an urgent question in Parliament on why the PM sacked Chancellor Kwasi Kwarteng.

The sources also stressed that the Prime Minister had “lots else on” and that no PM had responded to an urgent question since David Cameron in April 2012.

After new Chancellor Jeremy Hunt tore up large parts of the mini budget on Monday, Ms Mordaunt told MPs: “We have made this change for a reason and I understand that people want certainty and reassurance about their bills, their businesses and their benefits.

“And I am sorry that the events leading to the changes today have added to the concerns about the major volatility that was already there existing in the economy.”

Ms Truss refused at a press conference on Friday to say sorry for the mayhem caused by the mini-budget.

Instead, she claimed the markets were not ready for her fiscal plans, saying the “mini budget went further and faster than the markets were expecting”.

Ms Mordaunt had been repeatedly asked about the Prime Minister’s whereabouts after Ms Truss sent her to respond to Labour’s urgent question in Parliament.

Labour leader Sir Keir Starmer mocked Liz Truss for not turning up to answer the urgent question, saying “the lady is not for turning – up”.

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“I guess under this Tory Government, everybody gets to be Prime Minister for 15 minutes,” he added.

But Ms Mordaunt said Ms Truss was “not under a desk”, defending the Tory leader for failing to show up and address MPs.

She defended the Prime Minister’s decision to change Chancellor, saying it was the “right thing to do” and “it took courage”.

“She did not hesitate to do so because her focus is on the wellbeing of every one of our citizens. It was the right thing to do. And whether you agree with it or not, it took courage to do it,” she told the Commons.

Labour MP Stella Creasy said it is the job of the Prime Minister to take big decisions on many issues, adding: “All we know right now is, unless she tells us otherwise, the Prime Minister is cowering under her desk and asking for it all to go away.

“Isn’t it about time she did and let somebody else who can make decisions in the British national interest get in charge instead?”

Ms Mordaunt replied: “Well, the Prime Minister is not under a desk, as the honourable lady says.”

The minister could barely be heard at this point due to laughter and heckling from opposition MPs.

Ms Mordaunt added: “I can assure the House that, with regret, she is not here for a very good reason.”

Ms Truss then arrived in the Commons chamber ahead of a statement from Chancellor Jeremy Hunt.