The Conservative Government was accused of presiding over six wasted years in power and offering “no hope for the future” after the cost of Brexit was laid bare.

The Chancellor Philip Hammond unveiled dramatically downgraded growth forecasts and plans to borrow tens of billions in his Autumn Statement.

The SNP dubbed the forecast of lower growth, higher inflation and higher debt a “Brexit Bombshell”.

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But Mr Hammond insisted that his policies were necessary in the wake of the vote to leave the European Union and accused his critics of urging him to duck “tough choices”.

He received the support of many on his own benches, including some faint praise from pro-Brexit campaigners in his own party.

Former chancellor Lord Lawson said that Mr Hammond no longer sounded like Eeyore from Winnie the Pooh "the guy who was always gloomy about everything.

“He sounded much more positive."

But Labour’s shadow chancellor John McDonnell said that the Tories ‘long term economic plan’ had failed and the UK was now facing the "greatest economic challenge of a generation... unprepared".

He accused the Conservative Government of threatening the UK's future prosperity with its 'chaotic' handling of Brexit.

The announcements in the Autumn Statement showed that ministers had “no answers” and “no vision”, he said.

He told MPs the party's record was of "six wasted years and... no hope for the future.”

“The figures speak for themselves: growth, down; business investment, down; and their own deficit target, failed; their debt target, failed; the welfare cap, failed.

“We’ve heard today there will be more taxes, more debt and more borrowing. The verdict could not be clearer: the so-called ‘long-term economic plan’ has failed.”

Mr Hammond hit back accusing the accused him of wanting to spend and extra £500bn "without an idea of how to raise it".

The SNP's Treasury spokesman Stewart Hosie said: “A right-wing hard Brexit is set to cost Scotland 80,000 jobs and £11.2bn per year, hitting the living standards of families, the success of our businesses, and the well being of communities across the country – yet the Tories still have no plan and no answers."

He also accused Tory ministers of "six years of failure on the economy".

And he attacked the claims that the mini-Budget was aimed at ‘just about managing’ families.

“The UK government has some cheek claiming to be on the side of (Jams)," he said, "when it is six years of Tory austerity cuts and mismanagement of the economy that has hammered middle and low income families – cutting support, stagnating wages, squeezing living standards, and leaving working families struggling to get by."

He described a slight roll back on welfare cuts as "small fry" but the 'spin' around the changes to the all-in-one benefit Universal Credit, which will see workers keep less of the money they earn than originally envisioned, as "shameless".

"Reversing a fraction of the £12bn cuts to social security support can hardly be described as a boost when the vast majority of the cuts to families, the disabled, the poorest and most vulnerable will still go ahead," he said.

"This is not a budget that delivers for working people.”

Mr Hosie also told the Chancellor that it was “disappointing” that there was no reference to Scottish Limited Partnerships (SLPs) in the Autumn Statement.

The Herald has highlighted the legal loophole that has seen Scotland advertised as a tax haven across Eastern Europe.

There was also controversy over plans to raise the Living Wage by 30p to £7.50 next year.

Labour said that the rate should rise to more than £7.60 to meet the target of £9 an hour by 2020.

Liberal Democrat leader Tim Farron said that while ministers said that they wanted to help people struggling to get by they had " increased tax on insurance at every opportunity.

"Now every home owner, car driver and business will see their premiums rise yet again.

“Even worse, they are hitting young people the hardest, meaning the next generation is once again being left worse off by the Conservatives.

“Add to that higher inflation and it's clear this Government is leading us into a world of higher prices, slower growth and a huge Brexit black hole in our country’s finances."

Mr Hammond insisted that his plans were a "sensible set of decisions".

He told MPs: "This is all about making tough decisions."