'If Rachel Reeves goes then Starmer has to go'

Welsh parliaments.

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But Mrs Badenoch said that a change at the top will not rescue the party, as the potential successors are “as bad as each other”.She said: "There's this myth that it is just because Starmer is a dud, or if they only had Ed Miliband or Wes Streeting or Angela Rayner everything would be fine.

"That's not true. The reason why things aren't fine is because of Labour itself. They are a party that was built for a different era."

Mrs Badenoch said a key reason why Ms Reeves is still in control of the Treasury is because "they probably don't have anyone else who wants to do the job".

She said: "Labour is a party that is there to spend money. They don't know how to make money; they know how to spend it, and when there isn't any money and it's all difficult decisions, they fall apart. Poor Rachel Reeves is the one left holding the baby."

Government borrowing for the financial year to November hit £132.3billion - £10billion more than the previous year, and the economy shrank by 0.1% in October.