Sir Mel Stride has dismissed Government attempts to blame the Middle East conflict for Britain's inflation woes, insisting ministers must take full responsibility for the economic situation.
Speaking to GB News, the Shadow Chancellor declared: "The Government owns these inflation numbers, it's nothing to do with the war in the Middle East."
The senior Conservative pointed to data showing the UK recorded the highest inflation rate among G7 nations last year.
He also cited International Monetary Fund projections indicating Britain would top the G7 inflation table again this year, even without factoring in Middle Eastern instability.
Sir Mel attributed the persistent price rises directly to ministerial decisions on taxation and public expenditure, arguing these policy choices have driven costs upward.
The Shadow Chancellor explained the mechanics behind the inflationary pressure, noting that when the Government imposes higher levies on businesses, companies inevitably transfer some of those costs to consumers through increased prices.
He added: "If you borrow lots of money and spend lots of money, as this Government has, you stoke inflation as well."
Sir Mel warned that Britain's elevated inflation compared with other major economies has contributed significantly to the country's broader economic difficulties.
Sir Mel Stride has urged Labour to 'get drilling' in the North Sea as Britain faces a 'fragile' economic state
|GB NEWS
He painted a concerning picture of the current situation, describing an economy characterised by sluggish growth and unemployment on an upward trajectory.
This combination of factors, he argued, has left the UK in a precarious position when confronting external economic shocks of the kind currently being experienced.
Turning to solutions, Sir Mel outlined a series of Conservative proposals aimed at tackling the economic malaise.
He called on ministers to bring public expenditure under control, with particular focus on reducing the welfare bill by helping benefit claimants find employment.
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On energy costs, the Shadow Chancellor proposed removing carbon taxes and green subsidies from household bills, claiming this could deliver savings of approximately 20 per cent almost immediately.
"We could reduce those by 20 per cent almost overnight," he stated.
Sir Mel also urged a significant expansion of domestic energy production, calling for increased drilling operations in the North Sea to extract oil and gas reserves currently sitting beneath British waters.
He criticised Energy Secretary Ed Miliband's approach to North Sea energy, accusing him of effectively driving the industry away through excessive taxation and restrictive licensing policies.
Sir Mel spoke to GB News earlier this morning
|GB NEWS
Without domestic production, Sir Mel warned that Britain faces the prospect of importing fuel at considerable expense while undermining its own energy security.
The Shadow Chancellor argued the Government's fundamental error lies in its preference for borrowing and taxation over spending reductions, suggesting this approach particularly harms working families.
"Instead of borrowing more money to do whatever it does to help people or taxing people more, which will hit alarm clock Britain in particular, they should be reducing Government spending," he said.
Sir Mel extended an olive branch on welfare reform, pledging that Conservative MPs would back such measures even if some Labour backbenchers refused to support their own Government.