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The chancellor says he is ‘totally focused’ on delivering the tax-cutting package.

The Government invested £120 million in the event, which has been described as an ‘unadulterated shambles’.

"This has NOTHING to do with fossil fuel companies donating to the Tories", one person stressed.

A Government source described the campaign as a “no-brainer” and said the prime minister had made a “stupid decision”.

They had hit out at Michael Gove for "stoking a Tory revolt" on the top rate of tax, before the party U-turned on the move over night.

The hedge fund manager warned that the worst may yet be to come and that sterling may soon be worth less than a dollar.

The shadow climate secretary also took a swipe at “19th century” Jacob Rees-Mogg for spreading “dangerous climate denial”.

Those who live and work in the low-tax areas envisaged by the Prime Minister could see their own contributions cut, it is understood.

The special access for MPs – who can also bring in up to four guests – has provoked criticism.