Chancellor Rachel Reeves will promise to “invest, invest, invest” in Labour’s first budget for 15 years.

Ms Reeves – who is set to stand up in the Commons just after 12.30pm on Wednesday – will also give a pledge that “working people won’t face higher taxes in their payslips”.

However, she will clarify that Labour’s manifesto promise to keep national insurance unchanged only applies to employee contributions – paving the way for an increase in tax for employers.

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Income tax and VAT look to set to remain the same, with the chancellor saying there will be “more pounds in people’s pockets”.

“My belief in Britain burns brighter than ever. And the prize on offer to today is immense,” Ms Reeves is set to say.

But by pledging only to ring fence payslips, Ms Reeves leaves the door open for increases on inheritance tax, stamp duty, capital gains tax, fuel duty, tobacco duty, alcohol duty and many other rates.

She is also set to change the fiscal rules – the way in which the government borrows and pays back money – in order to allow for greater investment.

Ms Reeves will say the priorities of the government will be to fix the NHS, rebuild Britain and protect working people’s payslips.

The chancellor is expected to say: “More pounds in people’s pockets. An NHS that is there when you need it. An economy that is growing, creating wealth and opportunity for all. Because that is the only way to improve living standards.

“And the only way to drive economic growth is to invest, invest, invest. There are no shortcuts. To deliver that investment, we must restore economic stability.”

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What’s likely to be in the budget?

Since winning the election, Labour has repeatedly said it was left in a poor financial situation by the Conservatives.

This included publicising what they argue is a £22bn “black hole” in the public finances.

Sky News was previously told that Ms Reeves will be looking to find £40bn in the budget – although it is not clear over what time period that may be.

Jeremy Hunt, who was the Conservative chancellor before the general election, has rejected the figure.

The Tories have been pointing to the pay rises given to various sectors like doctors, nurses and train drivers by Labour as reasons for the poor financial situation.

The chancellor will say Labour is going to channel the 1945, 1964 and 1997 governments in how they plan to revitalise the UK.

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Ms Reeves is set to tell the Commons: “This is not the first time that it has fallen to the Labour Party to rebuild Britain.

“In 1945, it was the Labour Party that rebuilt our country out of the rubble of the Second World War.

“In 1964, it was the Labour Party that rebuilt Britain with the white heat of technology.

“And in 1997, it was the Labour Party that rebuilt our schools and hospitals.

“Today, it falls to this Labour Party, this Labour government, to rebuild Britain once again.”