Rachel Reeves has been urged to drastically cut public spending in order to avoid Britain needing a 1970s-style bailout.
The Chancellor was warned by leading economists this weekend that her looming tax rises risk a return to the high inflation and borrowing that forced a previous Labour government to borrow billions from the International Monetary Fund (IMF).
In another blow to the UK, manufacturers have been left reeling by the shock imposition of US import tariffs on more than 400 products that contain even tiny amounts of steel or aluminium, ranging from motorbikes and children's high chairs to shampoo and condensed milk containers.
Tonight Ms Reeves was blamed for causing almost 89,000 job losses in the hospitality industry - 53 per cent of all job losses since the Budget - as a result of the National Insurance hikes she placed on employers at her first Budget.
Tory leader Kemi Badenoch led the calls for the Chancellor to urgently change course, writing online: 'Economists warn we could be heading for a 1970s-style cliff edge, as more tax rises come this Autumn. All because Labour's only answer is spend more and tax more.
