Kemi Badenoch claims Healey's Budget has left a '£49bn black hole' that will cost every household £1,700 a year

Former Bank of England chief economist Andy Haldane warned this morning that Britain is "on the precipice" of a Liz Truss-style debt market meltdown, accusing Chancellor John Healey of "reckless complacency" and giving the Budget just four out of ten. Badenoch's £49bn black hole calculation breaks down as £17bn for a National Care Service, £17bn to avoid real-terms spending cuts, and £4bn for council housing. The OBR has separately warned the Budget's income tax and National Insurance threshold freeze will cost 215,000 jobs by 2030.

A snap poll found 60 per cent of Britons think the Budget only "tinkered with small things" and failed to fix the country's economic problems.

Healey also faces accusations of handing a '£40m bung to Labour's allies' by reviving a union training fund abolished by the Tories in 2021.

Shadow Chancellor Andrew Griffith said: 'Hard-pressed families get cheaper gherkins while Labour's trade union friends get a £40million giveaway.'