The Chancellor was even told by the Tories to resign if she goes ahead with raising taxes in the November 26 Budget. Ms Reeves also wants to give herself a bigger buffer than the almost £10 billion she previously had against her rule of balancing day-to-day spending with tax receipts in 2029-30. She suggested she would neither cut her major spending plans, nor reach for the lever of more borrowing to meet her commitments, further hinting that tax rises are needed to sustain the public finances. Shadow chancellor Sir Mel Stride meanwhile suggested his counterpart must stand down if she goes ahead with tax rises. “And what do you think would happen in financial markets if I did that?” she told the broadcaster.