Pat McFadden left the door open to tax rises later this year as Rachel Reeves prepares to deliver a statement on a £20 billion black hole in the public finances.  

The Chancellor will address the House of Commons this afternoon to set out her plan to fill the black hole. 

Mr McFadden, a Cabinet minister, said this morning that Ms Reeves’ statement would be focused on spending but he would not be drawn on whether taxes could also go up at some point in the near future. 

The Chancellor of the Duchy of Lancaster was asked if at some point this year people could be told that taxes will have to go up, as he was given the example of potentially extending a Tory freeze on personal tax thresholds past 2028. 

He told Times Radio: “Today is not a Budget. People should not expect tax announcements today. We have said a number of things about tax during the election. We said that we wouldn’t increase income tax rates, National Insurance rates or VAT. Those things still hold. And we also said there was nothing in our plans at the election that required increases in taxes. 

“That was the case during the election and today what you will hear is how we are going to have to respond to that opening of the books and I think what people should expect today is not tax measures but a Chancellor that is prepared to take some very tough decisions on spending to show that we put financial stability first and we take seriously that as the foundation for growing the economy.”

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