British finance minister Kwasi Kwarteng should change course on his budget policy within 48 hours in order to regain the confidence of financial markets and the public, a senior Conservative lawmaker, Mel Stride, said on Friday.

Kwasi Kwarteng

Stride - who chairs the House of Commons' Treasury Committee and is an ally of Prime Minister Liz Truss's leadership rival Rishi Sunak - said it was important that Kwarteng reversed plans to cut corporation tax and avoided piecemeal measures.

"I think we have reached a point now where we need this very powerful, significant signalling to the market that fiscal credibility is now firmly back on the table. And I think that means doing something right now," Stride told the BBC.

"He has got to really get out there emphatically and nail it. And I think he has to start in the next 48 hours," he added.