Rachel Reeves LIVE: Chancellor torn apart over tax hikes after major speech

Rachel Reeves came under fire from the Tories over tax hikes after she delivered a major speech tonight. In her Mansion House address, the Chancellor said Britain cannot meet its growth ambitions without it being "fighting fit and thriving" financial services sector.

She said: "Today, I have placed financial services at the heart of the Government's growth mission, recognising that Britain cannot succeed and meet its growth ambitions without a financial services sector that is fighting fit and thriving."

Her speech came as a series of reforms were announced aimed at boosting economic growth.

But Shadow Chancellor Sir Mel Stride said: "Rachel Reeves should have used her speech this evening to rule out massive tax rises on businesses and working people. The fact that she didn't should send a shiver down the spine of taxpayers across the country.

"For months, major forecasters have warned that Labour's botched tax hikes would damage economic growth, but now despite saying she would not have to come back for more it's clear this failing Chancellor is planning to do just that.

"Conservatives know we will only grow the economy by backing the makers, the people who work hard, create wealth and jobs, and fund public services. Only the Conservatives will unpick Labour's damage and fix their mistakes."

FOLLOW BELOW FOR LIVE UPDATES: