Reeves has told the budget watchdog, the Office for Budget Responsibility (OBR), that she plans to increase income tax in the budget on November 26 in an attempt to repair the public finances.

The chancellor Rachel Reeves will deliver the budget on November 26 (Image: PA)

Cabinet ministers have warned her that she will ‘doom’ Labour if she breaks its manifesto pledge not to raise income tax, VAT or National Insurance (NI) for ‘working people’.

“I am not sure how Reeves will survive in the role,” said James Bacon, senior financial planner at Norwich financial services experts Chadwicks.

“I expect that if she goes, Labour may try to pin the blame for having to break the manifesto promise on her.”

James Bacon, senior financial planner at Chadwicks (Image: Andi Sapey)

Reeves plans a 2p increase in income tax, coupled with a similar decrease in employee national insurance........

© Norwich Evening News