A major election pledge by Britain's Labour government looked set to be breached after Chancellor Rachel Reeves strongly hinted that tax rises were on the way.

Watch live as Rachel Reeves sets out her economic priorities in a pre-Budget speech on Tuesday (4 November). During the speech in Downing Street, the Chancellor will say that the Budget, which will be announced on 26 November,

Speaking on Tonight with Andrew Marr, the Chancellor refused on four occasions to answer whether she would look to raise income tax in the forthcoming Budget. Asked whether resigning as Chancellor would be the "honourable" thing to do should she resort to raising income tax, Reeves stood firm.

Reeves did not say that she is definitely going to blow up what remains of Labour’s political credibility, but it was very clear that the great betrayal of voters’ trust is in the post. In a highly-unusual pre-Budget speech from Downing Street, she told the country that “each of us must do our bit”.

Rachel Reeves is rumoured to be considering a proposal by the Resolution Foundation to raise income tax by 2p on the pound while cutting national insurance by the same amount

Ms Reeves' spokesperson said the Chancellor has "no regrets" over the possibility of breaching these pledges. The pound reacted sharply, falling to a six-month low following Ms Reeves' pre-Budget speech on Tuesday morning,

RACHEL Reeves has been mocked by TV presenters Susanna Reid and Lorraine Kelly over her “bonkers” speech ahead of the Budget. ITV favourites Susanna, 54, and Lorraine, 65, joked

Trevor Phillips called out a senior Labour minister today over the way Rachel Reeves has been treated after breaking property law. The chancellor has been in the spotlight this week after it was revealed she was renting out her family home without the correct licence.