Labour and Tories Clash on Economy as Both Hint at Tax Cuts

The Liberal Democrats, meanwhile, were continuing their trail across the South East on Saturday.

(L): Labour's shadow chancellor Rachel Reeves visiting a branch of Iceland supermarket in Fulham, south west London, on May 25, 2024. (Yui Mok/PA Wire) (R): Chancellor Jeremy Hunt arrives on 10 Downing Street, London, on May 22, 2024. Stefan Rousseau/PA Wire

The Tories and Labour clashed over the economy as the chancellor hinted at tax breaks for high earners while his opposite number insisted she had “no plans” to raise the burden on working people.

Jeremy Hunt signalled the Conservatives would seek to end the impact of tapering of personal allowances on larger incomes while shadow chancellor Rachel Reeves vowed to deliver financial stability with a Thatcher-style commitment to “sound money.”