The Chancellor aims to raise pension taxes to finance a major welfare policy reversal, amid mounting concerns over budget constraints.

Bonds and the pound slid following the PM’s failure to guarantee Reeves’s post, triggering speculation over her future despite a belated commitment to keep her in place.

Amid a growing backbench revolt, the PM’s welfare reforms faced a forced U-turn on benefits cuts, with Labour rebels compelling concessions and sparking fresh scrutiny in Parliament.

The PM is in a final push to secure backing from rebel MPs ahead of a key welfare vote, as fresh figures indicate thousands may remain at risk of poverty despite concessions and renewed calls to scrap the two-child benefit cap.