But the big problem for the chancellor is that she has repeatedly promised not to do just that. Labour’s election manifesto last year promised that the party would not increase National Insurance, VAT or income tax if they won the election. Reeves managed to keep that promise in her first Budget as chancellor last year, even though she put up other taxes by £40 billion. August 2024Reeves told Bloomberg Labour would not raise taxes on working people, in line with their manifesto pledges. April 2025Reeves told HuffPost UK in April that she would not put up income tax, VAT or National Insurance.
