Labour accused the Chancellor of making working families and small businesses pay the price for the “economic carnage” unleashed by government instability.

Jeremy Hunt announced tax rises, public spending cuts and the scaling back of energy bill support in an Autumn Statement designed to help plug a £55 billion blackhole in Britain’s finances.

He said “difficult decisions” were needed to “restore stability, bring inflation down and balance the nation’s books”, but also increased the minimum wage and committed to the pensions triple lock.

However shadow chancellor Rachel Reeves criticised the revolving door at the top of government in her response to the budget.

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