The repercussions are now surfacing. When Rachel Reeves broke the Labour promise not to increase national insurance, it was predicted that the £25 billion tax impact on businesses would lead to price hikes and job losses.

She did it anyway. Official figures last week showed that 206,000 jobs have been lost since the election.

Currently, inflation is surging back as businesses raise prices to offset the additional expenses stemming from the Chancellor’s growth-inhibiting and job-eliminating strategies.

Ms Reeves used to boast that Britain was the fastest-growing economy in the G7.

Not any more.

However, at 3.8 percent, we hold the highest inflation rate among the seven major developed nations. In September last year, prior to the Budget announcement, it stood at 1.7 percent.

The Left-leaning Resolution Foundation says that UK inflation ‘looks increasingly like an international outlier’.

The bond markets are watching – and don’t like what they see.

The inflation issue is intensifying, the economy is struggling, and our national debt is escalating. With Labour’s decision to forgo welfare reductions, there seems to be no strategy to stabilize public finances.

As a result, Britain faces the steepest borrowing costs in the G7, with the 30-year bond yield at its highest level since 1998.

This situation leads to the UK Government facing higher borrowing costs on international money markets compared to the United States, Germany, France, Italy, Japan, and Canada.

In other words, lending to Britain is seen as a riskier bet than lending to any of these other countries.

The spike in inflation will not help as a large portion of UK Government debt is index-linked – meaning payments rise as inflation goes up.

There are very real consequences for families across the country.

Inflation is a menace that eats into the income of workers and pensioners alike, devastating living standards along the way. Yes, average prices may have been pushed a little higher by the ‘Oasis effect’ as fans paid through the nose for hotel rooms around concert venues.

But this is also about parents struggling to pay for school uniforms, families putting the weekly supermarket shop on the credit card to make sure they have enough money to pay household bills, and then worrying about how they’ll pay for Christmas after pushing the boat out on even a modest summer holiday.

Rail fares – which are linked to inflation – now look set to rise by 5.8 per cent next year.

There is also the prospect of energy bills rising again at the start of October – little over a month away – just in time for winter.

It might seem a long way off, but it will come round soon enough for those feeling the pinch.

Another Reeves boast is that interest rates have come down five times since Labour came to office, from an annual rate of 5.25 per cent to four per cent.

But while she seeks to take credit for this, how much lower might interest rates now be had the Chancellor not driven up prices with her inflationary rises in national insurance and the minimum wage?

With inflation nearly double the Bank of England’s two per cent target, hopes of a further interest rate cut this year are fading fast.

Instead, families and businesses are braced for another punishing round of tax rises in the autumn.

The squeeze has only just begun.