Darren Jones has warned against increasing public spending as a path to making the country "great again".
The former Chief Secretary to the Prime Minister under Sir Keir Starmer said Britain is "poorer than we often think" as he said higher public spending alone would not lead to economic growth.
Mr Jones was sacked from Labour's frontbench when Andy Burnham entered No 10.
He had been talked up as a contender to lead the party, but declined to stand, saying a contest would not give the eventual winner enough time to prepare an autumn budget.
Writing for the Times, the MP for Bristol North West said: "Britain is poorer than we often think. We won’t get richer based on higher public spending alone, and we can’t tax billionaires who don’t live here.
"We shouldn't rely on public spending as a route to some romantic version of making Britain great again as we look in the rearview mirror for a great history that is no longer available to us.
And up pops the doublethink - just when it was going so well -
"We must face the future, and I know my colleagues are up to the challenge."
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