Rachel Reeves refused to rule out fresh tax hikes for Britons following her Spring Statement, while being grilled by the Treasury Select Committee of MPs.
Reeves admitted Labour had made "a number of difficult decisions around taxation" in her October Budget, but was pressed on whether taxpayers will be hit with more increases in the future.
Conservative MP John Glen asked the Chancellor: "Can you confirm to the committee today that you won't be raising taxes?"
Reeves attempted to dodge answering directly, stating: "I said in the Budget last year that it was a once in a Parliament budget, to wipe the slate clean after the mismanagement of the previous administration. We made a number of difficult decisions around taxation.
"We increased taxes on the wealthiest in our country, and we also increased, as we've already discussed, taxes on business. I think that was the right balance to restore stability to our public finances."
Pressing again, Glen asked: "So you can rule out tax rises?"
Only willing to not carry out tax hikes on the same scale as six months ago, Reeves replied: "I'm not going to write another four years worth of budgets, that would not be responsible.
"But I can ensure the committee that I will not need to repeat a budget on that scale, because we have now wiped the slate clean and put our public finances on a firm footing."
LATEST DEVELOPMENTS:
Noting the upcoming spending review in June, Reeves made clear to the committee that plans for "capital and day-to-day spending" will be laid out "for the next few years".
She told the committee: "The spending review in a few months time on June the 11th, we're going to be setting spending for departments, capital and day to day spending for the next few years.
"And public services now need to live within the limits that that we've set out."
The Chancellor also rejected calls for "posturing" over potential US tariffs, as the world braces for Donald Trump to announce global trade barriers later today.
Speaking to MPs, Reeves emphasised her belief in free trade whilst addressing concerns about the impact on the UK economy.
"I do believe in free trade, the UK has balanced trade with the US," the Chancellor said.
Shestressed the importance of maintaining open trade channels with the US.
"We do not want to see trade barriers go up," she told the committee.
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Reeves admitted Labour had made "a number of difficult decisions around taxation" in her October Budget, but was pressed on whether taxpayers will be hit with more increases in the future.
Conservative MP John Glen asked the Chancellor: "Can you confirm to the committee today that you won't be raising taxes?"
Reeves attempted to dodge answering directly, stating: "I said in the Budget last year that it was a once in a Parliament budget, to wipe the slate clean after the mismanagement of the previous administration. We made a number of difficult decisions around taxation.
"We increased taxes on the wealthiest in our country, and we also increased, as we've already discussed, taxes on business. I think that was the right balance to restore stability to our public finances."
Pressing again, Glen asked: "So you can rule out tax rises?"
Only willing to not carry out tax hikes on the same scale as six months ago, Reeves replied: "I'm not going to write another four years worth of budgets, that would not be responsible.
"But I can ensure the committee that I will not need to repeat a budget on that scale, because we have now wiped the slate clean and put our public finances on a firm footing."
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Noting the upcoming spending review in June, Reeves made clear to the committee that plans for "capital and day-to-day spending" will be laid out "for the next few years".
She told the committee: "The spending review in a few months time on June the 11th, we're going to be setting spending for departments, capital and day to day spending for the next few years.
"And public services now need to live within the limits that that we've set out."
The Chancellor also rejected calls for "posturing" over potential US tariffs, as the world braces for Donald Trump to announce global trade barriers later today.
Speaking to MPs, Reeves emphasised her belief in free trade whilst addressing concerns about the impact on the UK economy.
"I do believe in free trade, the UK has balanced trade with the US," the Chancellor said.
Shestressed the importance of maintaining open trade channels with the US.
"We do not want to see trade barriers go up," she told the committee.
Find Out More...