General election: Rachel Reeves compares Sunak to Truss in campaign for Chancellorship

“Inflation has fallen to 2 percent and wages have been rising faster than prices for almost a year,” he told voters.

“We’ve turned the corner. The plan worked and we’ve restored economic stability. That’s my policy and that’s the policy of the Conservative party.”

Mr Sunak slammed Sir Keir Starmer, saying a Labour government would “starve money and raise taxes so that night follows day”.

He claims that delivering on Labour’s promises would cost every household £2,000.

The shadow chancellor denied he would introduce policies to rival those of the Conservatives.

She refused to unfreeze tax credits or increase pensions and attacked the Conservative triple lock pledge as an “unfunded promise”.

Instead, she promised voters she would introduce new fiscal locks.

The shadow chancellor has ruled out passing an emergency budget if Labour wins the general election.

She said the Office of Budget Responsibility requires at least 10 weeks’ notice for budget proposals and will not submit a budget without a forecast.

Reeves said the earliest he could present a budget would be September.

Asked if she was concerned about company bosses becoming very rich, Rachel Reeves said she wanted companies to be successful and “that includes paying the people at the top properly for their work”. Archie Mitchell I will report.

But the shadow chancellor added: “I am also committed to raising the minimum wage to the real living wage, so that ordinary workers can benefit when our economy grows and succeeds.”

Reeves was asked what kind of tax cuts he would implement for workers once economic stability is achieved.

She insists Labour’s finances will deliver cuts to National Insurance contributions but says: “I won’t make promises that aren’t funded.”

“I’m not going to play around with the economy,” she added. “Adding to the Christmas tree bubble would be dangerous, reckless and would lead to higher taxes.”

Rachel Reeves describes herself as a social democrat but is not a socialist as Labour leader Sir Keir Starmer described her on Monday. Archie Mitchell I will report.

The shadow chancellor said: “What I want to say is that I believe children from all backgrounds should have an equal start in life.”

“I believe in strong public services that support people throughout their lives, from cradle to grave.

“And I believe work should always give people rewards and security, so I would describe myself as such, but instead of getting hung up on labels, look at what Labor governments have done for workers in the past.”

This comes after Sir Keir described himself as a socialist and progressive during the election campaign.

Responding to questions from reporters, the shadow chancellor said he supported the Conservative government’s plans to introduce a triple lock policy.

She said: “Today is just another desperate ploy by the Conservative party.

“To date, they have accumulated £64 billion in unfunded tax cuts and last night proposed yet another one.

“The only reason pensioners are considering paying income tax on their basic pension for the first time is because the Conservatives have lost control of the economy.”