Dr Luke Evans, Member of Parliament for Hinckley and Bosworth, said “The Chancellor caused a storm with her October Budget, and now she’s complaining about the rain.

“In October the Chancellor increased spending by £70bn, taxes by £40bn, borrowing by £30bn and the economy shrank as a result. Proving, once again, what we already knew: high growth and high taxes don’t work together. 

“Tax hikes on hospices, charities, pubs, cafes, and many more businesses that are the backbone of our economy have seen growth forecasts slashed, with the OBR going so far as to halve its previous forecast for 2025. And this is before we know the full cost and impact of Labour’s red tape on employers. 

“Today we learn that the £9.9bn of headroom the Chancellor left herself in October has been wiped away, and then some. With an eye-watering £14bn drop in public finances it is little wonder that she rushes out to deliver an emergency Budget. 

“After more broken promises by the Labour Party, it is our country and the communities across Hinckley and Bosworth and Leicestershire that will feel the pain as the toxic concoction of more taxes, borrowing and red tape takes hold and the economy fails to grow."