Gay Labour MP Chris Bryant has accused Chancellor George Osborne of homophobia for calling him a “pantomime dame”.

The pair clashed over cuts today during an exchange in the House of Commons.

According to PoliticsHome editor Paul Waugh, Mr Bryant said that the chancellor should play “Prince Charming” over the spending cuts.

Mr Osborne is said to have retorted: “At least I’m not a pantomime dame.”

Mr Bryant then demanded that the remark was withdrawn and said that “homophobia” should not be allowed in the chamber but was apparently ignored by the chancellor.

The Labour MP tweeted: “So George Osborne clearly doesn’t know how to be charming with his jibe at me as ‘pantomime dame’. Homophobic or just nasty?”