Shadow Paymaster General Richard Holden has accused Chancellor Rachel Reeves of "pulling the wool over the eyes" of the public with her Spending Review announcements.
His comments came as Reeves unveiled her comprehensive Spending Review in the Commons on Wednesday.
Holden fumed to Patrick Christys on GB News: "I think you'll see a lot of these numbers are just announcements.
"They've repackaged them, and they've really put them out there. I think the truth is, what we're seeing from the Chancellor today is, they're trying to pull the wool over everybody's eyes.
Shadow Paymaster General Richard Holden said that this is a "repackaged" Spending Review
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"It's all smoke and mirrors. For example, that defence spending package is a crucial one.
"What they've done is literally roll in the intelligence budget, which is going to rise around £5 billion by the end of this Parliament, into the defence budget, and then say, actually, defence spending is going up. So, actually, there's no new money there.
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"The killer, though, for Rachel at the moment is around this debt cost. And what we've seen around the world is debt costs rise over the last few years.
"That's fair enough. But the UK is now paying a massive premium compared to the US, compared to Italy."
The Spending Review includes several major funding commitments across various sectors. Among the announcements are £15.6 billion for public transport projects in England's city regions and £16.7 billion for nuclear power projects.
The Government has also pledged £39 billion over the next decade to build affordable and social housing. Additional commitments include an extension of the £3 bus fare cap until March 2027 and £445 million for upgrades to Welsh railways.
WATCH: Rachel Reeves outlines the Government's Spending Review
The review sets out day-to-day spending plans for the next three years and capital spending plans for the next four years.
It is expected to provide increased funding for the NHS, defence and schools, whilst other departments may face budget constraints.
The Chancellor's financial flexibility has been significantly reduced by recent policy decisions, particularly the government's reversal on winter fuel payments.
This U-turn will cost the Treasury approximately £1.25 billion, with the benefit now being paid to pensioners earning up to £35,000 annually.
Reeves also announced some long-term projects, which will create new jobs in time.
For example, giving the go-ahead to the new Sizewell C nuclear plant will create 10,000 direct jobs and thousands more in connected businesses, ministers say.
The Shadow Paymaster added: "The key thing is today, hundreds of billions of pounds of notional spending announced, but no idea of how to pay for it. And that's the real kicker."
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