Kemi Badenoch, the Conservative leader, is due to warn in a speech in central London today that John Healey's Budget could do more damage than either of Rachel Reeves' budgets, according to extracts released in advance. The Chancellor delivers his Budget on Wednesday 28 October.
"Fictional cuts are not going to cut it. Investors simply aren't buying it."
She will urge Andy Burnham and Healey to cut spending and "live within our means". She will also set out Conservative plans for £70bn of cuts, largely to welfare, civil service numbers and foreign aid, Yahoo News reports.
Her claim that the 30-year gilt yield has risen above 6% matches the record. It stood at 6.04% earlier in October. Her claim that this is the highest level since 1998 has not been independently checked.
City AM reports she will say UK borrowing costs are "nearly two per cent more than Germany". It also reports she will put debt interest at about £110bn this year, rising above £130bn by 2030. Yahoo News reports she will say every pound borrowed "is already costing us £2 in less than 12 years". None of these figures has been independently checked.
She will also cite an estimate that higher inflation could erode the value of spending and leave a £35bn black hole in budgets. City AM attributes the estimate to the IFS, while Yahoo News attributes it to the IMF.