"We could say, no, as taxpayers, we're going to stand up for ourselves. We're going to demand a return on our investment and we are going to take it back into our hands".

The former chancellor also described Liz Truss as a 'Pino' - Prime Minister in name only on the Andrew Neil Show.

It comes as the PM gears up for another bruising week in Number 10.

The newly-appointed chancellor is expected to increase taxes and cut public spending in moves that are unlikely to sate either side of the party.

Jamie Wallis said Truss has "undermined Britain's economic credibility and fractured our Party irreparably".

“As the old saying goes, if you don’t laugh, you cry," a Labour source said.

His comments have provoked outrage among the right wing press, who were less outraged when Donald Trump stuck his oar in.

Mr Hunt and Ms Truss will meet in her Chequers residence on Sunday as tax rises and spending cuts loom on the horizon.

"Downbeat predictions on the economic consequences of leaving the EU have turned out to be overwhelmingly correct", Jeremy Warner said.