Rachel Reeves begged Labour MPs for their support as she vowed to remain as Chancellor for years to come. Ms Reeves insisted she would not let opponents "beat me" as she prepares to hike taxes in a desperate bid to fill the country's financial blackhole.

The Office for Budget Responsibility has downgraded its growth forecast for 2026 and every subsequent year up to the next election, scheduled for 2029. The downgrade and the subsequent reduction in tax revenues will force the Chancellor to hike taxes to balance the books and build a bigger buffer against future shocks than the historically low level of headroom she has previously given herself.

Ms Reeves told colleagues on Monday night: "I will show the media, I will show the Tories, I will not let them beat me. I will be back next year, I will be back the year after that and the year after that."

She also told critics in her own party that "politics is a team sport", warning that Labour would lose the next election if it were too divided and vowed the Budget would not be a "pick 'n' mix". She said: "We have to stick together if we are going to get the second term that we want."

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