Winter fuel payments scrapped for millions of pensioners

Mr Hunt denied the previous Conservative government had covered anything up and accused Labour of misleading the public on tax rises.

“Taxes will have to go up, and she chose not to tell us,” he said, forecasting that Ms Reeves’ first Budget would be the “biggest betrayal in history by a new chancellor”.

The chancellor said during her speech that the next Budget would be on 30 October.

She also said that public sector spending reviews looking ahead three years will take place every two years – the last one happened in 2021.

A Covid corruption probe will try to get back the £2.6bn Labour says was “lost” in dodgy contracts signed during the pandemic.

In accordance with Labour’s manifesto, private schools will be taxed at 20% from 1 January next year, and oil and gas companies will face a higher windfall tax.

Liberal Democrat Treasury spokesperson Sarah Olney urged Labour to go further to make large companies “pay their fair share” of tax.

Labour has previously said it will not borrow to fund “day-to-day costs”, which means it would only pay for current expenditure using the money it raises in tax. It also pledged to have debt falling by the end of the parliament.

During the election campaign, the Conservatives made similar commitments on taxation and spending.

Economists said at the time both parties would either need to cut spending or raise taxes under their self-imposed fiscal rules.