The chancellor has refused to rule out a spring budget (Image: Getty)
The chancellor has refused to rule out announcing a full budget in March after being pressed in the House of Commons.
Rachel Reeves, who has come under fire for a dip in market confidence during Labour’s first six months in power, did not rule out introducing more tax rises and spending cuts in the spring, instead reiterating that she would stick to “one budget per year” based on “an update from the Office of Budget Responsibility (OBR) in March”.
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“We have set out the fiscal rules that we will balance day to day spending with tax receipts and we will get debt down as a share of GDP within the forecast period, and we will continue at all times to meet those fiscal rules [as laid out in October],” she added.
She also reaffirmed the government’s commitment to fiscal rules laid out in October to balance day-to-day spending with tax receipts.
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The OBR will publish its verdict on the UK’s economic performance on March 26.
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READ MORE Rachel Reeves annihilated as fuming GB News host rages ‘world is laughing at us'
The chancellor received backlash for travelling to China last week (Image: Getty)
While answering questions in the Commons today, Ms Reeves blamed “global movements in the international markets” for a leap in interest rates after government borrowing hit a 27-year high earlier this month.
The chancellor faced MPs for the first time today after being criticised for travelling to China in a bid to boost the country’s economic growth while the pound flat-lined.
It comes after Sir Keir Starmer refused to confirm whether she would stay in the role until the next general election when questioned by journalists. A Downing Street spokesperson later confirmed that she would remain in post “for the whole of this Parliament”.
And while speculation continues to mount over Ms Reeves’ future in 11 Downing Street, she will be breathing a sigh of relief as a slowing down in inflation last month indicates reduced turmoil in the financial markets, easing borrowing costs.
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“The inflation reading will relieve pressure on UK Chancellor Rachel Reeves, who has been criticised for tax changes in the budget which could lead to price rises ahead and hold back growth this year,” Susannah Streeter, head of money and markets for Hargreaves Lansdown said.
However, last month’s headline inflation figure remains above the Bank of England’s 2% target and is expected to rise further this year.
“There is still work to be done to help families across the country with cost of living,” Ms Reeves told the Commons. “I will fight every day to deliver that growth and improve living standards in every part of the UK.”