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.

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

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,

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.

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.

Ms Reeves initially informed Sir Keir that she was unaware of the requirement, but emails published on Thursday showed her husband had been notified by the letting agency.