Watch live: Rachel Reeves makes major pre-Budget speech

Watch live as Rachel Reeves lays out her economic priorities in her pre-Budget speech on Tuesday 4 November.

He is expected to address speculation that Labor will break its manifesto commitments on tax rises.

In his speech at Downing Street, the Chancellor will say that the budget to be announced on 26 November will focus on “fairness and opportunity”.

It aims to reduce NHS waiting lists, the national debt and the cost of living.

He is expected to say that “this government will be guided by the values ​​of justice and opportunity and will focus squarely on the priorities of the British people.”

Calling the speech an “emergency press conference” by shadow chancellor Sir Mel Stride, Stride said Ms Reeves should be sacked if she raises taxes and believes this is “on the way”.

Speculation has increased over the possibility that the Chancellor will break one of Labour’s main manifesto commitments on tax.

The party promised in its 2024 manifesto that it would not increase any of the main taxes.

He promised not to “increase taxes on employees”, meaning they would not increase National Insurance, basic, higher or additional Income Tax rates or VAT.

On Monday (November 3) Sir Keir Starmer said it would be a “Labor budget based on Labor values” but added that “tough but fair decisions” would be taken.

Speaking at a party meeting in Westminster, he told Labor MPs the long-term impact of Conservative austerity and the failed Brexit deal was “even worse than we feared”.