Gordon Brown has predicted Boris Johnson and Rishi Sunak will ditch a series of planned tax rises in the face of the UK’s poor economic outlook.
The former PM also hit out at the government for having “no plan” and lurching from “crisis to crisis”.
The Bank of England this week moved to raise interest rates to 1.25 per cent as UK inflation continues to roar.
The Bank predicts growth in the Consumer Price Index (CPI) will hit double digits this year, after already reaching a 30-year-high of nine per cent.
Economic growth has also ground to a halt, with the UK’s Domestic Gross Product (GDP) shrinking in April.
Brown told the BBC that the government will have to “abandon their corporate tax rise” in the autumn budget.
“I suspect they’ll not be able to go ahead with their fuel tax rise because that’s another pressure on inflation,” he said.
He added: “There is no plan, there is no programme of action.
“The government is going from crisis to crisis and scandal to scandal, we cannot see a way out of this, we will have pain now and pain later.
“What we need is minimising pain now and maximising gain later”.
Brown said that Johnson should try and take a global leadership role by getting world leaders around the table to discuss the overlapping economic crises.