Tom Tugendhat is set to deliver a Tory leadership campaign speech as he accuses Labour of being “dishonest” over its claims about the state of the public finances. 

Mr Tugendhat, one of six candidates in the race to replace Rishi Sunak, is expected to take aim at Rachel Reeves and Sir Keir Starmer after they repeatedly accused the Tories of leaving behind a £22 billion black hole. 

Sir Keir said earlier this week that the economic situation Labour had inherited was far worse than it expected and as a result the Budget on Oct 30 would be “painful” as he paved the way for tax rises on families. 

Mr Tugendhat, the former security minister, is expected to say this afternoon: “The so-called fiscal black hole the Chancellor has invented since the election consists of normal in-year spending pressures and her own decisions on public sector pay.

“And this is the point. Labour are pretending they have no option but to do what they are doing. But this is untrue. They are doing what they are doing because they have made a choice to do it – and a choice to be dishonest about it.”

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