Rachel Reeves could cost families more than £16,500 if she prolongs the freeze on income tax thresholds by two years, Telegraph analysis has found. The Chancellor is said to be considering extending the Tory freeze from 2028 to 2030 – in a move reportedly set to raise the Treasury £7bn a year.

Rachel Reeves has said that “main taxes on working people” will not rise in the Budget. She gave the reassurance a week before she delivers her first Budget, and the first by a woman Chancellor. But her words left the door open to a raft of other tax rises, many of which could hit London hard.

Chancellor Rachel Reeves is poised to unveil billions of pounds worth of tax rises and spending cuts in this year's Autumn Budget.