Reeves also confirmed Labour would not be increasing national insurance, the basic or higher rates of income tax or VAT.
Over the weekend, Reeves had instructed the Treasury to provide an assessment of the state of the nation’s spending inheritance which she said she will present to parliament before summer recess.
“New Treasury analysis that I requested at the weekend shows that had the UK economy grown at just the average rate of other OECD economies in the last 14 years, our economy today would be more than £140bn pounds larger.
“This could have brought in an additional £58bn in tax revenues in the last year alone. That's money that could have helped revitalise our schools, our hospitals and other public services.
“Growth requires hard choices, choices that previous governments have shied away from, and it now falls to this new Labour government to fix the foundations,” she added.
Reeves confirmed she would announce the date of a Budget before parliament’s summer recess.
alina.khan@ft.com
