A Suffolk MP has warned the Prime Minister's mini-budget could be a "sugar rush of short-term boom followed by a bust".

Peter Aldous, Conservative MP for Waveney, also said "there is a pressing need" for Number 10 to elaborate on and take steps to explain these policies.

The news comes after PM Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng unveiled their plan for growth last Friday.

Policies included a cut to stamp duty, the cancellation of a planned rise in corporation tax and a removal on the cap bankers' bonuses.

Following the budget announcement, the pound plummeted to a record low against a soaring US dollar on Monday while the Bank of England took emergency action on Wednesday to avoid a meltdown in the UK pensions sector.

"For me, there are three things that need to be done," said Mr Aldous.

"There needs to be a major investment in skills to enhance social mobility and allow people to benefit from this so-called growth the government are trying to promote.

"If you don't do this, you're just going to get a sugar rush of short-term boom followed by a bust. That's because you just won't have the productivity in the economy to sustain this growth."

Mr Aldous said there must also be a review of the benefits system.

As part of his mini-budget, Mr Kwarteng said the government must concentrate on a plan to cut benefits for those who do not adequately search for work.

This means 120,000 more people on universal credit must "take active steps to seek more and better-paid work, or face having their benefits reduced."

There will also be extra support for unemployed people aged over 50 to help get them into work.

Mr Aldous said: "When it comes to the benefit system and universal credit, I am concerned there a lot of people who are a long way from the job market.

"Adequate support needs to be provided to them to ensure they can get into work and are not being unfairly penalised."

Ms Truss and Mr Kwarteng also announced the establishment of 'investment zones' - segments of counties across the UK that would see low tax and low regulation for businesses.

East Anglian Daily Times: The Bank of England took emergency action on Wednesday to avoid a meltdown in the UK pensions sectorThe Bank of England took emergency action on Wednesday to avoid a meltdown in the UK pensions sector (Image: PA Wire/PA Images)

Last week, Suffolk County Council announced they had been invited by the government to take part in the first round of talks surrounding this policy.

"There needs to be clarification on these plans," said Mr Aldous.

"At the moment, there seems to be an impression that they are making it up as they are going along.

"There is a lot of work to be done to put the detail in place so that these zones can significantly benefit our area.

"Otherwise we are just heading for a planning free-for-all in large areas of the country."