Reeves hints at rise in employer national insurance, as critics claim it breaches manifesto

Chancellor says businesses will understand balancing the books is necessary for fiscal stability

• Elton John and Michelin meals: Labour pulls out all the stops to woo investors

Rachel Reeves has dropped her strongest hint yet that she is planning to raise employer national insurance contributions in the budget, prompting accusations Labour is about to break a manifesto promise.

The chancellor used the government's international investment summit at London's Guildhall on Monday to warn of tax rises to come in this month's announcement, insisting that business would understand the need for fiscal stability.