Labour’s Rachel Reeves rules out increasing income tax or NI

Ms Reeves promised there was “not going to be a return to austerity”, saying commitments to boost frontline services were a “down payment on the changes that we want to make”.

“But in the end we have to grow the economy, we have to turn around this dire economic performance.

“I don’t want to make any cuts to public spending which is why we’ve announced the immediate injection of cash into public services,” she added.

“So that money for our NHS, the additional police – 13,000 additional police and community officers – and the 6,500 additional teachers in our schools, they are all fully costed and fully funded promises because unless things are fully costed and fully funded, frankly, you can’t believe they’re going to happen.”

Ms Reeves ruled out setting a timetable for when a Labour government would increase defence spending to 2.5% of gross domestic product (GDP), a measure of the size of the economy, saying there would be a review of defence costs as, she claimed, they had “got out of control under this government”.

A spending review would take place if Labour won the election, the shadow chancellor said, and a “fiscal lock” would be introduced, meaning any significant and permanent tax and spending changes would require a full accompanying forecast from the independent Office for Budget Responsibility (OBR).

The OBR normally needs ten weeks notice to produce a forecast, and scrutiny of opposition party plans is not allowed.

This means there would need to be a delay between the result of the general election and any spending actions, in order for the OBR to comprehensively incorporate and evaluate those policies, if Labour is to follow through on its commitment for a full process.