Reeves refuses to guarantee end of tax rises Chancellor Rachel Reeves has refused to commit to her recent pledge to not raise taxes further. Speaking at the Confederation of British Industry conference in November, the Chancellor told business leaders there would be no repeat of the £40bn tax hikes announced in October’s Budget, saying: "I’m really clear, I’m not coming back with more borrowing or more taxes.” However, when asked to re-commit to no more borrowing or taxes in the Commons, Ms Reeves would only say that the Government will "never have to repeat a Budget like that." Shadow Chancellor Mel Stride asked if Ms Reeves "spoke without thinking" when she said there would be no more hikes. He went on to argue that there is a risk of future tax increases, “given how tight the Chancellor’s fiscal headroom is.” John O’Connell, chief executive of the TaxPayers’ Alliance, said taxpayers will be “genuinely fearing” a fresh tax raid next year.