Rachel Reeves has refused to repeat her promise not to have to put up taxes or borrowing again in future Budgets. The chancellor hiked taxes by £40 billion in her first Budget in October, including an increase in the employers’ rate of National Insurance.

Rachel Reeves’s Budget is likely to keep inflation and interest rates higher for longer as debt-fuelled growth pushes up prices, according to the OECD.

Concerns are growing Labour could be planning a new tax raid after Rachel Reeves refused to commit to her recent pledge to not raise taxes further. The chancellor was pressed on the issue in the Commons by shadow chancellor Mel Stride following her recent promise to business leaders at the CBI conference last week.

Rachel Reeves has refused to rule out the possibility of further tax rises or borrowing in future Budgets - but insisted she would not have to top up her spending plans either. Appearing at the Great Northern Conference in Hull on Tuesday,