Labour's Shadow Chancellor Rachel Reeves has announced that there will be no increases in income tax or national insurance if Labour wins the upcoming general election.

Despite this pledge, she acknowledged that difficult financial decisions would still need to be made, and some spending cuts could not be ruled out.

The Conservatives have criticized Labour's spending plans, claiming they would create a significant deficit.

Reeves emphasized that Labour would ensure any new financial commitments are fully funded, pointing to plans to raise funds through measures like ending VAT exemptions for private schools and extending the windfall tax on energy firms.

The Institute of Fiscal Studies warned both parties about potential tax rises or cuts to public services post-election due to the state of public finances.

Labour has vowed to increase funding for frontline services such as the NHS and police, promising they are fully costed and funded.