BBC presenter John Pienaar ripped into Labour Party frontbencher Rebecca Long-Bailey and pointed out she could not dispute Labour would add to Britain's current debt.
Philip Hammond has claimed the economy is “at a turning point” and after eight years of poor growth adding he is confident “that there is light at the end of the tunnel”.
Speaking on BBC Radio 5 Live’s Pienaar's Politics, the shadow secretary for business energy & industrial strategy criticised the Chancellor’s record.
The host was quick to point out the Labour Party would add to Britain's current debt.
Mr Pienaar said: “We have got still pretty low-interest rates and one reason for that, do you accept is that the markets trust the fundamental competence of the Government when it comes to economic policy?
“Without that confidence, a debt like that would be truly, truly crippling.”
Ms Long-Bailey replied: “Well I wouldn’t say that, as I have said, productivity has been pretty much stagnating since 2010 we are not really seeing a truly bountiful economy being created before our eyes.”
The host then took a fiery dig at Labour’s strategy claiming it is undisputed the party would add to the countries debt.
Pienaar said: “That is true, but we do have a huge amount of debt. You would add to that dept, you are not going to dispute that.
“The fundamental competence of economic policy then those interest rates would go creeping up and the cost of that debt would go creeping up and it would squeeze all the things you are talking about even more.”
The Labour frontbencher claimed Labour’s policy would allow much-needed investment across the whole of Britain.
She said: “No it wouldn’t. As I said we would borrow to invest in our economy. You can’t cut off the oxygen supply.
“So, first of all, you need to make sure that public services have the money that they need in relation to skills and schools so those building blocks or our economy are there.
“You have also got to invest in the other tools that businesses need to thrive. Infrastructure, for example, research and development. The Government have made claims about their industrial strategy and what they are going to do on this but it falls far short of what is needed.
“In relation to investment we are the most regionally unequal country in the whole of Europe and that is according to the economic justice commission.