A Cabinet minister fueled Budget fears today as he insisted Labour only promised not to hike national insurance on employees.

Business Secretary Jonathan Reynolds delivered a strong hint that the levy is set to be increased for firms as he said the manifesto 'specifically' protected workers.

Chancellor Rachel Reeves has warned of 'pain' for Brits in the package on October 30.

The respected IFS think-tank has warned that she could need to raise £24billion in tax to fund the government's policies and avoid austerity.

Pushing NICS on employers' pension contributions to the same level as those of workers - 13.8 per cent - could bring in £17billion a year.

However, Lloyds Bank chief executive Charlie Nunn warned this morning that anything that hit retirement funds would be 'worrying'.