LABOUR are "just slashing again which failed last time", according to a top economist.

It comes after Keir Starmer warned that the Government’s forthcoming Budget will be “painful” as he asked the country to “accept short-term pain for long-term good”.

In a speech in the Downing Street rose garden, the Prime Minister claimed his Government has inherited a “societal black hole” made worse by recent rioting.

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He added that his decisions to release some prisoners early and means-test the pensioners’ winter fuel allowance are “tough actions” needed to fix the country’s foundations.

But Professor Danny Blanchflower, an expert in economics and former Bank of England monetary policy committee member, took aim at the speech (below), saying Labour “have not done the hard work”.

“Many of us offered help but were rejected,” the professor said.

“No consulting papers or academic papers laying out the economics and no supporting economists.

“This is just slashing again which failed last time.”

In response to a user on social media saying that Labour had gone to bankers and financial giants instead of economists, he then added: “I don’t know of any academic economists they have spoken with, certainly not me.”

Economist Richard Murphy (above) also took aim at Keir Starmer’s speech (below), saying there was “no need at all for Labour to deliver a painful budget in October”.

“There is a massive capacity to increase taxes on wealth. If Labour wanted to borrow they could. And there are people who want good work,” he said.

“I knew Labour would be bad, but they’re already plumbing depths in their determination to appease wealth, the City and far-right economic dogmatists that I could not have imagined.”

The Sheffield University professor added: “They are, quite emphatically, LINO - Labour In Name Only.”

In his speech, the Prime Minister said he was “not going to pre-empt the Budget” when pressed on what tax rises and spending decisions the Government is considering to announce on October 30, although he reiterated his pledge on the “triple lock for working people”.

“We were being honest about the situation before the election, we set out very clearly what we would be doing with tax rises,” he said.

“I made it clear on numerous occasions that national insurance, VAT and income tax would not go up, the triple lock for working people, and that remains the position.

“I also set out that our plans were fully funded and fully costed. What I did not expect was a £22 billion black hole.”