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.

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.

The chancellor has said she will not need to raise taxes to "top up" public spending, after facing pressure to spell out her future tax plans. Rachel Reeves made headlines last week by telling a business conference she would not be "coming back" with tax hikes in the coming years.

As MPs voted through the controversial Budget increase in national insurance contributions, Mr Stride pressed Ms Reeves on whether she would stick by her pledge at the CBI confere

Rachel Reeves has appeared to drop her pledge to not “come back for more tax” from businesses after she refused four times to repeat the vow. The Chancellor told business leaders last week she would not need to increase taxes further after raising employer National Insurance contributions by £25 billion at the Budget.