Sir Keir Starmer was unimpressed by Jeremy Hunt’s mini-budget U-turns (Picture: PA)

Labour leader Sir Keir Starmer said the ‘damage cannot be undone’ as he likened the Conservatives’ recent failures to crashing a car at 100mph.

As new chancellor Jeremy Hunt announced more U-turns on the mini-budget, Sir Keir said once the car is hit ‘you’ve damaged it for good and you’re going to pay much more on your insurance for years to come’.

Meanwhile shadow chancellor Rachel Reeves said the Tories had lost all credibility and their action will cause ‘a huge cost to families’.

She added: ‘The humiliating climb-down on their energy plan begs the question yet again: “Why won’t they bring in a windfall tax on energy producers to help foot the bill?” ’

Liberal Democrats leader Ed Davey said the government seemed ‘completely out of touch’, and demanded a general election.

‘Now they will slash spending on our NHS and schools, while propping up bankers’ bonuses to keep their donors happy,’ he tweeted.

SNP leader Nicola Sturgeon said the reversal highlighted the case for Scottish independence. She said: ‘It is glaringly obvious now that the UK does not offer economic strength and stability or financial security.’

Nicola Sturgeon: ‘The UK does not offer economic strength and stability or financial security’ (Picture: AP)

Business groups welcomed Mr Hunt’s changes, with the CBI’s Rain Newton-Smith saying he had acted swiftly to restore market confidence.

But Sharon Graham, of trade union Unite, accused Mr Hunt of ‘preparing the country for another round of austerity’, with ‘workers and communities’ most likely to pay.

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‘The damage cannot be undone.’