The chancellor also said she was considering further measures on public spending, in  bid to put the UK's finances on a firmer footing. Speaking to broadcasters ahead of an international finance summit in the US, she added that she would "continue to prioritise economic and fiscal stability". The chancellor is widely expected to raise taxes at the Budget on 26 November, after gloomy economic forecasts and a series of U-turns on welfare cuts made it harder for her to meet her own tax and spending rules.

Reeves announced tax rises worth £40bn a year at her first Budget last November, including hikes to payroll taxes paid by employers, and insisted she would not have to repeat the move in subsequent years. But the chancellor is now facing the prospect of another repair job to the public finances, after rises to borrowing costs since then and expected downgrades to the productivity of the UK economy. Some analysts have estimated Reeves will have to raise taxes or cut spending by around £20bn to meet her "non-negotiable" financial rules. These rules mean her plans must be projected to get government debt falling as a share of national income by 2029-30, and day-to-day government costs must be paid for by tax income rather than borrowing.

Speaking to broadcasters in Washington DC ahead of the the International Monetary Fund (IMF) annual meeting, the chancellor said: "I've always been very clear that we will continue to prioritise economic and fiscal stability in the UK." Asked whether she would have to raise taxes, she replied: "As we get the forecast, and as we develop our plans, of course we are looking at further measures on tax and spending, to make sure that the public finances always add up." (BBC)