Rachel Reeves's budget measures have made the economy weaker, says Jacob Rees-Mogg

This is not the case - America has been booming; we are on par with the rest of Europe, which is not an economic path we should be following.

This situation of stagnation inflation, the stagflation of the 1970s, is part of a vicious cycle faced which challenges the Bank of England tomorrow: the need for lower interest rates to stimulate growth, yet it is needs to keep them high to bring down inflation.

Jacob Rees-Mogg hit out at Labour

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Meanwhile, the government's actions, such as increasing state sector pay and imposing additional burdens on businesses, are viewed as inflationary measures that siphon money away from productive economic activities.

In an increasingly globalised economy, these policies are becoming more and more outdated, reflecting a mindset suited to a more insular, mid-20th-century economy - a reality it is vital the Labour Government comes to terms with if any economic growth is to be achieved.

Modern companies are global and look at their returns in relation to other investment opportunities, thus any tax or cost based changes that reduce their net profit margins are likely to result in higher consumer prices.

Furthermore, the taxes introduced in the budget - on businesses, schools, and farmers - are not only projected to fail to raise much revenue but may end up costing the economy more than they contribute, increasing the likelihood of further tax rises.

If the Government ever wants to get a grip on inflation and ease the cost of living crisis on working people, it needs to prioritise growth and investment, not attacking productive industries with short term taxation to subsidise unproductive public sector workers

This will only make inflation worse, working people poorer.

As the late great Margaret Thatcher said, the problem with Socialism is eventually you run out of other people’s money.