Nick Ferrari tore into a Treasury minister this morning when he did not have all the “facts and figures” about the government’s latest announcement to hand.

James Murray was speaking to broadcasters to promote Labour’s decision to abolish the payment system regulator (PSR) which oversees system for banks and other financial companies.

It’s part of the Keir Starmer’s bid to stop outsourcing decisions to “quangos”, organisations funded by the taxpayer but not controlled by government.

But on LBC, Murray was unable to answer many questions about the move – leading the presenter to suggest he “read a newspaper”.

Ferrari began the interview by asking how many people work at the PSR.

Murray said, “that will all be looked at part of the detail over the summer,” adding that he does not “have the detail to hand”.

The presenter replied: “So you’re scrapping the regulator and you have no idea how many people you’re making redundant? Don’t you think you should know?

“I’ll tell you. It’s 160 people – didn’t take me that long did it – what happens to them?”

Murray said the government is mainly trying to make it “simpler for businesses” who have said the payment system is “too complicated” right now.

The minister added that the details about how people would be affected will be set out in consultation.

But Ferrari hit back: “So more consultation? The reality of this is, let’s be honest with each other, you’re scrapping quangos, but the last time I looked this takes us over 70 different consultations within the government, consulting on everything from breakfast clubs to bombs in the Ministry of Defence.

“Why can’t you make decisions, why does everything have to be consulted on?”

Murray replied: “Well the decision is taken, which is we want to abolish the payment system regulator, the detail to make sure we get it right is the subject to consultation and it is correct to take clear decisions as a government to make sure we get the detail of the implementation right.

“No one would thank us if businesses or British public at large if we rushed it and it went wrong.”

“How much do all these quangos cost?” Ferrari tried again.

He said he does not have a figure right now, to which the presenter said: “Can I suggest you read a newspaper, respectfully?

“Because it’s a newspaper that’s told me PSR has 160 people, it’s a newspaper that told me there are 18 quangos that spent more than £1bn a year. Why do the journalists have those figures but you don’t?”

Ferrari added he was reading The Times, which costs £2.80, and then you would have all your “facts and figures”.

The minister replied: “Thanks for the tip there Nick, and of course I could listen to your show, couldn’t I?”

Ferrari said: “Indeed, but don’t you think you should listen to the show in a position of responsibility, shouldn’t you know how many people might lose their jobs, shouldn’t you know how much money it’s costing?”

Murray simply said the government is responding to what businesses have told them.