Rishi Sunak accused Rachel Reeves of delivering a budget containing “broken promise after broken promise”, adding: “Working people will pay the price”.

The outgoing Tory leader claimed Chancellor Ms Reeves decided to “let the borrowing rip” and tried to “hide this weakness by playing the fiscal rules”.

Mr Sunak added that “never in the history of our country will taxes be higher than they are under this Labor government” because of the budget.

He also accused Ms Reeves and her successor as prime minister, Sir Keir Starmer, of “damaging the British economy for political purposes” with their rhetoric and claimed it was “nonsense” to suggest that Labor they inherited difficult circumstances.

Ms Reeves said she was taking action to tackle the “black hole” in public finances left by the Tories as they pumped billions into schools and hospitals.

Her plans include increasing employers’ National Insurance contributions and increasing capital gains tax, while changing inheritance tax and stamp duty.

Speaking in the despatch box for the last time, Mr Sunak told Ms Reeves in the Commons: “Labour’s claims about their legacy are just ridiculous. These are her choices. So stop blaming everyone else and take responsibility.”

He added: “Her decision to let the loan make a complete fool of her claims about the state of the public finances, because if she really was in such dire straits as she said, what what we should have seen today would have been a significant thing. loan cuts to fix them, not the splash he just unleashed.”

Mr Sunak said borrowing and debt should be higher in every year of the post-budget forecast.

The former chancellor said: “Now she has tried to cover that weakness by tinkering with the tax rules.”

Sunak said the Tories repeatedly warned during the general election that Sir Keir and Ms Reeves were “not telling the truth” when they ruled out “fiscal surprises”.

He said: “Today the Chancellor and the Prime Minister did what they always planned to do but chose to hide from the British people.

“Far from cutting taxes as a result of today’s budget, never in the history of our country will taxes be higher than they are under this Labor government.”

Sunak went on to claim that Labor would tax people’s jobs, businesses, housing and savings, adding: “You name it, they’ll tax it and that’s exactly what they’ve done.”

In his closing remarks, Mr Sunak said: “The Prime Minister has talked endlessly about trust, but today’s Budget reveals above all that the Labor Party has not been telling the truth.

“They said they wouldn’t play the numbers, they did. They said they wouldn’t increase loans, they did. They said they wouldn’t raise taxes on working people, they did.

“Broken promise after broken promise and the working people of this country will pay the price.”

Labor MPs waved goodbye to Mr Sunak after he finished his final box office remarks before stepping down as Conservative leader.