Tories are now the party of big spending, says Rishi Sunak

Think tanks noted that the measures represented an interventionist approach more often associated with Labour.

Mark Littlewood, director-general at the Institute of Economic Affairs, said that Ms Reeves had been right to call the package “a policy victory for Labour”.

Paul Johnson, director of the Institute For Fiscal Studies, said that Mr Sunak was “engaging in some serious redistribution from rich to poor”.

However, the £400 off energy bills applies to each home, so a second home owner will get £800 in total. Mr Sunak, who is believed to own three UK homes, is therefore expected to get £1,200.

Scores of Conservative MPs praised the package of measures in the House of Commons, after months pressing the Chancellor for financial help for constituents feeling the squeeze.

But others raised concerns. Richard Drax, the Tory MP for South Dorset, warned that “throwing red meat to socialists by raising taxes on businesses and telling them where to invest their money is not the Conservative way of encouraging those who create our prosperity and jobs to do just that”.

He added that “by setting this bar, we’re in danger – were we ever to lose power – of allowing the socialists to raise it, which they would do with relish, again and again and again”.

For months, Cabinet ministers have publicly criticised the idea of a windfall tax, which Mr Sunak branded a “temporary targeted energy profits levy” in his announcement.

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