CHANCELLOR Rachel Reeves conceded she was wrong to pledge no big tax rises before the election as she defended her Budget proposals today.

Ms Reeves blamed the U-turn on the worse-than-expected state of the public finances she inherited but promised there was “no need to increase taxes further.”

On a post-Budget media tour, Ms Reeves claimed growth would be boosted by the new measures, allied to unspecified reforms to welfare and industrial strategy which are on their way.