Kevin Hollinrake, a supporter of Rishi Sunak said yesterday [Monday] that the Foreign Secretary’s tax cuts would only provide a “pound a week” for poor households and thirty times that for people like him.

“It is simply not right,” he told Sky News.

“These people are going to be on the streets. Things are going to be that bad for some households.

He accused Liz Truss of “magic money tree” economics, by cutting taxes and increasing spendings, despite not having a targeted package of support for struggling families.

It came as economist at Citi said they expected inflation to rise to 18.6 per cent at the start of 2023 due to rises in energy bulls, the highest rate for almost half a century.

The Bank of England has previously projected that inflation would only rise to 13 per cent in October before starting to decline.

The new forecast suggest that inflation will only dip below the Bank’s target of 2 per cent in April 2024.

This, coupled with rising gas prices, will worsen the cost of living crisis already hitting some families.

The energy regulator Ofgem is due to confirm the level of October’s price cap, with Citi expecting it to hit £3,717, slightly above previous estimates.

Greg Jackson, chief executive of Octopus Energy said that the rises were like charging £25 for a pint.

“One we can’t do is be expected to pass those costs on to consumers,” he told BBC Radio 4’s Today programme.

Warnings last night also came from the British Medical Association (BMA), which said that medical students are already having to cut their spending on essentials such as food, clothing and heating, as they struggled with costs during their courses.

The union has argued that the poorest students are at a disadvantage which could be jeopardising their future careers in the health service, with a survey of members finding that almost one in 25 students reported accessing food banks

Asked what help would be done to help struggling families and those on low incomes, Downing Street reiterated its existing package of support, adding that “a large focus of this week” would be spent supporting Ukraine.

Around six million disabled people will have to wait till 20 September at the earliest to receive a one-off £150 cost of living payment.

Decisions on any further help will be down to the next prime minister, with the Treasury working on a range of proposals which could be implemented upon arrival.

Liz Truss has pledged that she will do an emergency budget if she gains office, but has suggested that this would not be scrutinised by the Office for Budget Responsibility (OBR), which provides the economic forecast of economic policies.

Mr Stride, a Rishi Sunak supporter and chairman of the Treasury Select Committee yesterday told LBC that the idea is “kind of like flying blind”.

Liz Truss' policies will see people 'living on the streets', says senior Tory MP