Badenoch’s criticism of Labour’s economic policy ‘a bit rich’, says Phillipson as she brands Tory leader ‘Liz Truss’s cheerleader’

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Speaking on Tonight with Andrew Marr on LBC, the Women and Equalities Minister insisted that "fiscal responsibility is the number one priority of the Chancellor".

Mrs Badenoch voiced her criticisms of the government's economic policy in the House of Commons as the new Prime Minister took on his first Prime Minister's Questions on Wednesday.

She pointed to a warning from Lord Jim O’Neill that the Prime Minister’s tone during his Tuesday Commons debut would have unsettled investors.

Responding to the Conservative Leader's criticisms, Ms Phillipson told LBC: "It's a bit rich coming from one of the main cheerleaders of Liz Truss's budget that she wants us to take a different approach."

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She said: "We have been clear right from the very start with this government, and the new Chancellor has confirmed that fiscal responsibility is the number one priority of the Chancellor in making sure we've got sound finances and the ability to invest.

"Because in the absence of sound finances, in the absence of fiscal responsibility, you end up in a situation, as we did in the mini budget, where people ended up paying more on their mortgages, the economy was crashed, and many people are still living with the consequences of that."

"So, I don't think we need to hear from Kemi Badenoch on all of that," she added.

Ms Phillipson went on to slam the Tories, saying she doesn't believe they want to work "constructively" on the big challenges.

She noted a number of "long-term challenges" the country faces, such as social security spend and social care.

She said: “So we do face some really big challenges, long-term challenges, whether it's around social security spend, social care that Andy Burnham has talked a lot about, and the need to fix that system.

"If we can work constructively with other parties, whether that's the Conservatives or the Lib Dems, we will absolutely seek to do so.

"But it requires— that's a two-way process, isn't it? And I don't get a particular sense from the Conservatives that they're going to be constructive on any of this.

"Of course, the other challenge is that they are responsible for some of that system in the first place.”

Mr Burnham's ambitions for overhauling how the UK state operates are likely to be curtailed by the economic headwinds caused by the Iran war.

Government long-term borrowing costs reached their highest levels for 28 years amid a global bond sell-off partly linked to signs of escalation in the Middle East conflict and concern that inflation could follow.

The yield on UK Government bonds – also known as gilts – edged higher once again on Wednesday, compounding the headache facing Chancellor John Healey as he prepares his first Budget.

Speaking in the House of Commons, the Prime Minister sought to stress his administration’s fiscal responsibility and said ministers were taking steps to reduce debt.