The policy, announced by John McDonnell, the shadow chancellor, has been criticised. Angela Rayner, another cabinet minister, also faced questions this morning over Labour’s spending pledges

Labour has been accused of driving a “cart and horses” through its commitment to balancing the books after announcing that it would spend £58 billion compensating women left out of pocket by rises in the state pension age.

John McDonnell, the shadow chancellor, announced the funding package to end the “historic injustice” faced by three million women born in the 1950s who said that they were given insufficient notice of changes to the pension age.

The policy was not costed in Labour’s manifesto, which was published last week. Labour has said it will meet the pledge through increased borrowing.

The announcement came as Angela Rayner, the shadow education secretary, was accused of failing to be honest for suggesting that only the top 5 per