Tory leader David Cameron said Labour should be “ashamed” of the state of the nation’s finances as he attacked the Budget proposals announced by Alistair Darling today.

The Chancellor announced borrowing would be reduced by £11 billion this year but Mr Cameron said at £167 billion it is more than every Labour government in history added together had borrowed.

Responding to the Budget in the Commons Mr Cameron said the centrepiece policy of raising the stamp duty threshold to £250,000 was borrowed from the Tories and all Labour could offer was “debt, waste and taxes”.

Mr Cameron said Economic Secretary to the Treasury Ian Pearson had already “torpedoed” the stamp duty change by saying it “would not be an effective use of public money”.

The Tories had also announced plans to increase duty on super-strength cider but the Chancellor’s spokesman had claimed that would be “illegal”.

Mr Cameron said: “The only new ideas in British politics are coming on this side of the House and the only thing that Labour are bringing are debt, waste and taxes.”

He continued: “The Chancellor spoke for an hour but he could have done it all in a sentence – Labour have made a complete mess of the British economy and they are doing nothing to clean it up.”

The national debt has doubled and is set to double again, he said.

“In this year, an election year, they are borrowing £167 billion. We are supposed to be impressed that it has turned out a few billion lower than the last disastrous forecast but it is still, and Honourable Members should be ashamed of this, more than every single Labour government in history has ever borrowed added up together.”

He added: “Like every Labour government before them, they have run out of money and they are leaving it to the next Conservative government to clean up the mess.”

Mr Cameron said the biggest risk to recovery was five more years of a Labour Government.

“Five more years of falling confidence, five more years of bloat and debt and taxes, five more years of Britain closed for business.”

He referred to Chief Secretary to the Treasury Liam Byrne, who was conversing with Gordon Brown on the front bench, as “Baldemort”.

He said: “Get him an espresso or there’ll be trouble.”

The Chancellor had “boasted” about trade but he did not mention that the trade deficit had actually risen by £7 billion or business investment was falling by 5% this year, Mr Cameron said.

“Almost everything they told us about the economy has turned out not to be true.

“They told us they would be prudent – this Chancellor has just said that they will be borrowing £734 billion over the next six years, giving us a national debt of £1.3 trillion.”