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General election 2024 live: Rishi Sunak and Keir Starmer in first weekend of campaign - BBC News General election 2024 live: Rishi Sunak and Keir Starmer in first weekend of campaign - BBC News
(about 1 hour later)
While Labour leader Sir Keir Starmer hit the campaign trail in the West Midlands, his shadow chancellor was back in London and was saying Labour has "no plans" to increase income tax or national insurance if she is installed in the Treasury after the election. Earlier today, Labour's shadow chancellor Rachel Reeves was heard explaining how she would manage the economy if her party wins the election on 4 July.
Rachel Reeves was asked about the party's economic plans during a visit to an Iceland shop, where she chatted to staff about the changes they have seen among customers due to the cost of living. We haven't seen Jeremy Hunt, the man she wants to replace in 11 Downing Street, on the campaign trail so far this weekend but he has given an interview to the Telegraph.
Asked about inflation, Reeves has said the Conservatives had left the economy "exposed" to energy price inflation because of a lack of "resilience" in the economy on their watch. He says if Rishi Sunak is successful at the ballot box this summer, the Conservatives would continue to cut National Insurance - which they've already reduced twice this year.
Her comments came after the Institute for Fiscal Studies - an economics think tank - warned the state of the public finances is hanging over the election campaign "like a dark cloud" and called for an "open and robust" conversation about pressures on spending and taxation. Hunt also suggests that he would seek to reduce taxes for people earning between £100,000 and £125,000 and says he "hoped" the next Tory government would be able to cut inheritance tax.
Reeves said all of the commitments made by Labour so far are fully costed and wouldn't require extra borrowing or tax rises across the board. The public finances are under strain and whoever is elected will need to carefully balance how much the government spends against how much it brings in.
She said she "wants taxes on working people to be lower" but would not make "promises about taxes I can't keep". Read more about Hunt and Reeves battle over tax cuts in this election here
"I'm under no illusion about the scale of the challenge I will inherit if I become chancellor", she added.
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