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Chancellor Rachel Reeves said on Wednesday she will not “be coming back with more tax increases or more borrowing” before the end of the current parliament, arguing that no further topping up of spending on public services would be needed.

Reeves told MPs that last week’s £40bn tax-raising Budget, which also included £28bn-a-year of new borrowing, was a one-off “reset” and insisted: “We will never need to do a Budget like this again”.

“We have now set the envelope for spending for this parliament. We are not going to be coming back with more tax increases or more borrowing. We now need to live within the means we’ve set ourselves,” Reeves told the House of Commons Treasury select committee.

The comments appeared to be an explicit assurance from Reeves that she would not raise taxes or borrowing further. But when pressed by MPs, the chancellor softened her remarks and said it would be “naive” to “write five years’ worth of Budgets” given uncertainties in the global economy.

Reeves’ comments follow warnings from both the Office for Budget Responsibility — the UK’s fiscal watchdog — and the Institute for Fiscal Studies think-tank that many areas of public services could come under renewed strain after 2026 because the chancellor has front-loaded her new spending.

In addition, the extra £100bn of capital spending over five years that she announced will only keep public investment flat as a share of GDP.

Reeves told MPs she had “drawn a line” line under the previous Conservative government’s fiscal plans, which the OBR had said envisaged unrealistic spending cuts, and put the public finances on a firm footing.

She also sought to downplay warnings from economists that Britain’s growth prospects were at risk following Donald Trump’s re-election to the US presidency, given his threat to impose tariffs of 10 to 20 per cent on all imports.

Reeves said the UK’s Labour government would fight to keep trade open. “We’re not just a passive actor in this,” she said. “We will make strong representations about the importance of free and open trade.”

Reeves said UK ministers would use the time until Trump’s inauguration in January to “begin those conversations and prepare for different eventualities”.

She added: “I’m not in favour of new tariffs. I am in favour of trying to do more with countries that share our values.”

At the same hearing, James Bowler, the Treasury’s top civil servant, denied that his department had breached the law by not telling the OBR about a fiscal “black hole” that Reeves says she discovered after taking office in July.

Richard Hughes, head of the OBR, said on Tuesday that the Treasury had failed to disclose a potential £9.5bn overspend by government departments before the last Conservative Budget in March.

“Under law and the act [of parliament] they should have done,” Hughes said. The idea that the Treasury, under former Tory chancellor Jeremy Hunt, hid the fiscal truth has become a central argument for Reeves.

But Bowler told MPs that the Treasury did not break the law and this was something that was “quite important to me”.

The Treasury permanent secretary said: “The law is more about what the OBR have the right to ask for, rather than what is provided to them on our own initiative.”

He said the Treasury had made the assumption that the £9.5bn of spending pressures would be offset by spending cuts or departmental underspends, neither of which had materialised.

Bowler said the Treasury had now adopted a new “bottom up” system for notifying the OBR of spending pressures in each department.

HAPPY shoppers raced to fill their baskets with a popular biscuit scanning for just 16p.

Sainsbury’s fans were delighted to find the sweet treats on the shelves for an incredible price.

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The mega discount had been applied to the supermarket giant’s own brand Brain Filled Bournons.

Despite Halloween having passed, the chocolate goodies are still perfectly tasty any time of year.

The helpful information was posted in the Extreme Couponing and Bargains UK Facebook group.

“Sainsbury’s Weymouth, not with other biscuits, just in a Halloween section at back of store along with reduced sweets etc…stocked up for work staff room (if they make it that far)”, shared an excited shopper.

Another customer shared: “I took 10 packs into work and everyone ate them and said they were nice!”

“I think they’re lovely, normal bourbon biscuit and strawberry filling,” said someone else.

A third suggested: “Ours had the cola for 16p as well today in Hereford.”

“The biscuits taste nice, strawberry filling more suited to adult taste buds but I find that with standard bourbon biscuits anyway,” added a fourth.

“I bought them and I liked them,” said another.

The 150g packets of mixed berry flavour cream filled chocolate biscuits usually cost 65p.

Fans have hailed the Halloween candy, one said: “I bought these for Halloween, however my grandchildren scoffed the lot before we arrived home.”

Another wrote: “Fun, lighthearted, but tasty biscuits…ideal for Halloween or with a refreshing beverage.”

However do bear in mind that when prices are reduced by this much it’s usually in order for stores to clear excess stock, so availability will vary from store to store.

It’s always best to phone ahead to your local shop to check what they have available to avoid disappointment.

You can find your nearest Sainsbury’s store using the locator tool on the website.

It always pays to compare prices so you know you’re getting the best deal.

Prices can also vary day to day and by what deals are on at the time, plus remember you might pay for delivery if you’re ordering online.

You can compare prices on platforms like Google Shopping.

It comes as Sainsbury’s shoppers were also rushing to their local store to pick up an eight-pack of a popular fizzy drink which is scanning for just 25p.

Bargain hunters have been getting excited about the deal which could see them make a significant saving.

They took to the Extreme Couponing and Bargains UK group on Facebook to let others know.

Posting a picture of their haul of four eight-can packs along with the receipt, they wrote: “Eight can packs of Diet Coke is 25p at Sainsbury’s”.

The supermarket giant also recently launched their new winter clothes collection with budget-friendly pieces.

And, getting into the Christmas spirit, the superstore has dropped the price of the Baileys to £10 for a whole litre.

Donald Trump vowed on his campaign that he would tax all goods imported into the US if he won back the White House. Following his victory, businesses and economists around the world are scrambling to work out how serious he is.

In the past, Trump has targeted tariffs at individual countries such as China or certain industries, for example steel.

But his election campaign pledge to impose taxes of 10% to 20% on all foreign goods could affect prices all over the world.

Last month, he appeared to single out Europe.

“The European Union sounds so nice, so lovely, right? All the nice European little countries that get together… They don’t take our cars. They don’t take our farm products,” he said.

“They sell millions and millions of cars in the United States. No, no, no, they are going to have to pay a big price.”

BMW, Mercedes and Volkswagen shares all fell between 5% and 7% after Trump’s victory confirmation. The US is the single biggest export market for German carmakers.

During his campaign, Trump said tariffs were the answer to myriad issues, including containing China and preventing illegal immigration.

“Tariff is the most beautiful world in the dictionary,” he said. It is a weapon he clearly intends to use.

While much of this rhetoric and action is aimed at China it does not end there.

Some jurisdictions like the EU are already drawing up lists of pre-emptive retaliatory actions against the US, after ministers did not take seriously enough Trump’s earlier threats of tariffs, which he later imposed.

G7 finance ministers told me last week they would try to remind a Trump-led America of the need for allies in the world economy because “the idea is not to launch a trade war”.

However if “a very strong broad power is used”, Europe would quickly consider its response.

In the past the EU imposed tariffs on iconic American products such as Harley Davidson motorcycles, bourbon whiskey and Levi’s jeans in response to US duties on steel and aluminium.

A top Eurozone central banker told me US tariffs alone were “not inflationary in Europe but it depends on what Europe’s reaction will be”.

Last month the IMF told me a major trade war could hit the world economy by 7%, or the size of the French and German economies combined.

There are very big questions for the UK government about where exactly the post-Brexit UK should seat itself in a plausible, if not certain, transatlantic trade war.

The direction of travel until now for the UK has been to get closer to the EU, including on food and farm standards. This would make a close trade deal with the US very difficult.

The Biden administration was uninterested in such a deal. Trump’s still highly influential top trade negotiator Bob Lighthizer even said an assumption that the UK would stay close to the EU to help its own businesses had prevented him from pursuing a deal.

“They are a much bigger trade partner to you than we are,” he told me in an interview.

The UK could try and remain neutral, but would struggle to avoid the crossfire, especially for the goods trade in pharmaceuticals and cars.

The rhetoric from the UK government suggests it could try to be a peacemaker in global trade wars, but would anyone listen?

Britain could pick a side, by trying to be exempted from more general Trump tariffs.

Diplomats have been heartened by more pragmatic economic advisers to the President-elect suggesting that friendly allies might get a better deal.

Or would the world benefit more if the UK joined forces with the EU to head off the application of such trade tariffs?

Away from the US, what about the example to the rest of the world?

If the world’s biggest economy is resorting to mass protectionism, it’s going to be difficult to persuade many smaller economies not to do the same.

All of this is very much up for grabs. Trump’s warnings can be taken at face value. Nothing is certain, but this is how very serious trade wars can start.

DISCOUNT retailer Lidl is launching its very own cola-themed Christmas truck for the first time.

The supermarket chain is taking the giant 15 tonne lorry on tour, visiting nine locations across Great Britain ahead of Christmas.

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The truck, set to rival Coca-Cola’s own HGV, will stop off at Dundee on November 14 first, before a final stop in Southampton on December 1.

The Freeway Truck will be giving out 2,000 present boxes containing a host of Lidl’s famous “middle aisle” products at the nine locations.

You’ll have to be quick, though, as they are being handed out on a first-come-first-serve basis.

One in 10 of the present boxes will contain a “Golden Ticket” too – a coupon worth £100 that can be redeemed via its Lidl Plus loyalty app.

Customers not signed up to the app can download it for free on to their smartphone via Google Play or the Apple App Store.

It’s worth noting that the £100 voucher coupons can’t be used to buy alcohol, infant formula or gift cards.

Lidl will also be handing out festive food from the lorry, alongside a giant gift box and Lidl van.

The supermarket chain said visitors to the truck can also make a “wish” for something they want this Christmas, with the retailer granting a number of them.

We have asked Lidl what type of middle aisle items will be in the present boxes and what types of “wishes” customers can ask for, and will update this story when we have heard back.

The full list of locations the truck will visit, and the dates it will arrive there are as follows:

• Dundee – November 14
• Harrogate – November 16
• Hull – November 17
• Nottingham – November 21
• Wolverhampton – November 23
• Wrexham – November 24
• Luton – November 28
• Bournemouth – November 30
• Southampton – December 1

The truck will be at the above locations from 12pm to 6pm, with shoppers able to track the route via www.lidl.co.uk/freeway_tour.

Those not so keen on popping down to the Lidl cola truck may be able to visit Coca-Cola‘s lorry that’s set to head out on its own tour.

The iconic red vehicle, which first appeared in a 1995 festive ad, is travelling around towns and cities across Great Britain before Christmas.

The 2024 tour promises to be “bigger and better than ever” and will be set in a magical winter wonderland.

Visitors will be able to take part in festive games and have a spin of a lucky dip which will give them a chance to win Coca-Cola merch.

A food truck will also serve up seasonal food and ice-cold Coca-Cola Zero Sugar drinks.

Locations have not yet been revealed for where the truck is heading, nor the dates it will get there.

However, last year it stopped at Glasgow, Edinburgh, Gateshead, Liverpool and Manchester.

CHRISTMAS AT LIDL

Lidl has already released its Christmas 2024 ad, which tells the story of a little girl who shares her woolly hat with a boy who looks cold.

The supermarket said the central theme of the ad is the magic of sharing.

The clip also features the return of Lidl Toy Banks, which is collecting and distributing more than 100,000 toys donated by customers to children in need this Christmas.

The retailer has also launched a dupe of a £20 Elf on the Shelf selling for just £2.99.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

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A REVIVAL in men’s suits has helped Marks & Spencer fashion a dramatic comeback.

Its profits jumped by a fifth as both food and clothing sales rose.

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Boss Stuart Machin said 670,000 new shoppers had been tempted by its menswear ranges, as advertised by Mark Wright and Spencer Matthews, over the past six weeks.

He reported it had sold one million suits so far this year as more workers returned to offices after the pandemic and wanted a smarter look.

And he claimed the average age of its menswear customers had fallen by a decade as it was now winning more shoppers in their mid-20s and 30s.

He said: “Our menswear is getting better. I was wearing our £60 sell-out bomber jacket at the weekend and a friend thought it was Prada.

The chief exec, wearing head-to-toe M&S gear including Supima briefs, said it had been working on becoming more stylish.

Mr Machin, 54, added: “I wear my suit straight off the rack and, I shouldn’t say this, but former CEOs used to have theirs altered.”

Despite half-year profits of £391.9million, Mr Machin warned the high street giant faced a £120million hit from increased National Insurance and the minimum wage rise.

However, he said he had no intention of putting up prices.

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