Rachel Reeves has vowed to make “fair and necessary choices” in the Budget, despite being widely expected to introduce a series of tax rises.

The Chancellor insisted she will use her second Budget on Wednesday to introduce measures to tackle the cost-of-living crisis, as the beleaguered Government hopes to keep backbench Labour MPs on side.

But Ms Reeves has also vowed to reduce the costs of Government debt, and is expected to take steps to increase the leeway above her borrowing plans, as she attempts to maintain fiscal credibility.

“Today I will take the fair and necessary choices to deliver on our promise of change,” Ms Reeves said ahead of the Budget.

She added: “I will not return Britain back to austerity, nor will I lose control of public spending with reckless borrowing.

“And I

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