CLACTON MP Douglas Carswell has hit out at chancellor George Osborne for "repeating the mistakes" of his Labour predecessor.
Some Tory backbenchers claim the chancellor is building a "Gordon Brown-style recovery" on cheap credit and a housing boom.
Mr Carswell said he could be sowing the seeds for another crash.
“Growth is back and unemployment is down, which is great news,” he said.
“I’m just concerned that we don’t repeat the mistakes of the past.
“Using low interest rates and capping credit might have helped us through the immediate downturn, but it’s not going to make us rich.
“Lots of people want to get on the housing ladder and the Help to Buy scheme is helping people to do that.
“But what’s going to happen if someone who can only just afford a mortgage and the interest rates come up?
“House price are rising because of Help to Buy. It’s great if it has helped someone to buy, but what about other people in Clacton who can’t afford a house and is now seeing house prices go up further.”
Mr Carswell criticised the chancellor for following in the footsteps of the previous Labour Government, dubbing the idea 'Osbrown' economic policy.
He said Britain was more dependent on consumer spending and mortgage debt than ever before and Help to Buy was first contemplated by the Treasury when Labour’s Alistair Darling was at the helm.
“I don’t want Osbrown economics to mean things are good for a year or two and then we’re back to square one,” said Mr Carswell.
“My job when Gordon Brown was chancellor was to give him a hard time over economics – and I will do the same with George Osborne
“I’m not beholden to either – I’m doing what is right for Clacton people.”