Chancellor Rachel Reeves speaking in Oxford (Image: Getty)
Households could be hit by even more tax rises after Rachel Reeves refused to rule out more hikes this year.
The Chancellor on Wednesday did not deny that further tax raids and budget cuts will be included in the spring budget while delivering a major speech on growth.
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This is despite business bosses’ fury over her decision to hike National Insurance in October.
When asked if the Labour Government could guarantee no more tax increases on businesses, Ms Reeves said: "I'm not going to write five years' worth of budgets in the first six months of office".
"We said when we set out the plan for change, we want living standards for working people to improve.
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"That's what we want people to see and experience and feel in their own pockets by the time that this parliament comes to an end."
The Chancellor on Wednesday outlined her plans to "kickstart economic growth" in the UK, which included the expansion of a third runway at Heathrow and the creation of a "British Silicon Valley".
But Aman Parmar, head of marketing at flexible workspace firm Bizspace, warned the Chancellor’s refusal to rule out further tax rises on businesses over the course of this parliament “may well be leaving small business owners and startups nervous for the months ahead”.
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He said: “The employer cost hikes coupled with the ongoing cost of living crisis, utility price increases and increasing rental prices on commercial properties has led to countless businesses taking the difficult decision to cut staff numbers or even cease trading altogether.
“The upcoming reductions to business rate relief has also no doubt been a significant concern for those running small businesses within the hospitality, retail and leisure sectors.
“Small, local and independent businesses are the lifeblood of economic growth within the regional communities that Ms Reeves was so keen to discuss during her speech, and yet her reluctance to offer any short-term plans or reassurance to these hard-working individuals will not have gone unnoticed.”
In a speech in Oxfordshire, Ms Reeves said the west London airport’s expansion is “badly needed” because “for decades its growth has been constrained”.
Heathrow’s plan to build a third runway received parliamentary approval in June 2018 but has been delayed by legal challenges and the coronavirus pandemic.
But London Mayor Sadiq Khan, Labour MPs and environmentalists are opposed to the London airport’s expansion because of its risk to the country’s climate goals.
Ms Reeves said: "Heathrow is at the heart of the UK's openness as a country.
"It connects us to emerging markets all over the world, opening up new opportunities for growth.
"But for decades, its growth has been constrained successive studies have shown that this really matters for our economy."
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Ryanair boss Michael O’Leary slammed Ms Reeves for “talking rubbish”.
Speaking to Sky’s Sophy Ridge, he said: "She doesn't get business.
"The first thing Rachel Reeves did was increase national tax, employers’ taxes, which damages jobs growth, and increased air travel taxes, which damages air traffic and tourism growth. So she has no growth plans. She has no clue how to deliver growth. But talking about a third runway or having a big press conference about something that might or might not get delivered in 2040, gives the impression that she's doing something about growth. “When she knows that runway will not be delivered for 15 or 25 years. The question I want to put to Rachel Reeves is: one, when is the runway actually going to open in Heathrow? And she hasn't a clue.
"Rachel Reeves is talking rubbish all day long. And the third one [runway] with Heathrow is a dead cat. She has failed to deliver any growth."
The Chancellor insisted that a third runway would increase potential GDP growth by 0.4 per cent by 2050 and create 100,000 jobs.
The Chancellor announced the Government’s backing for housing, transport and other investment in the Oxford-Cambridge corridor, which she said could become “Europe’s Silicon Valley” and add ￡78 billion to the UK’s economy by 2035.
She also declared Government support for the redevelopment of the area around Manchester United’s Old Trafford stadium and said she would work with the private sector to fund the long-planned Lower Thames Crossing.
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Darwin Friend, head of research at the TaxPayers' Alliance, said: “It’s of course right that we allow growth-enhancing infrastructure to be built, but taxpayers will be rightly sceptical of yet another politician making grand promises with re-heated plans.
“Even if these projects can overcome the usual bureaucratic and legal hurdles, families and businesses won’t forget that the government has implemented punishing tax hikes that threaten to cancel out any gains.
“If the chancellor really cares about growth and stability, a good first step would be to reverse the jobs tax.”
Sainsbury’s, Tesco and Lloyds Banking Group have all announced job cuts of hundreds of people soon after Labour’s tax rise in the budget.
Ms Reeves announced a ￡25 billion employers’ national insurance raid in October, from 13.8% to 15% in April.
Andrew Griffith MP, Shadow Business Secretary, said: “With all the big four supermarkets having announced job cuts, Labour’s choices are having the real-world impact we predicted.
“Re-announcing long term investment plans is good but it’s no substitute for action today as businesses and workers are crying out for help.
“At this rate, new airport capacity will just help the last few remaining businesses leave the country faster.”
It comes as the Treasury confirmed Ms Reeves will publish a tax return despite initially saying she had no plans to do so.
A Treasury spokesman indicated that Ms Reeves will publish details on her taxes, and Downing Street has confirmed that the Prime Minister will do the same.
In 2024, a summary of Sir Keir’s return showed he paid almost ￡100,000 to the taxman.
Both Rishi Sunak and former Chancellor Jeremy Hunt published tax figures while they were in Government.
Sir Keir Starmer paid ￡99,431 in tax after making ￡275,000 in capital gains, figures released in February 2024 showed
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The release showed that the Labour leader paid ￡44,308 in income tax in 2022/23.
He also paid ￡52,688 in capital gains tax after the sale of a field in December 2022 partly owned by himself and partly owned by his father’s estate.