Chancellor Rachel Reeves promised next month's Budget would focus on economic growth in a speech at the Labour Party Conference today (September 23).
In the speech, Reeves pledged to crack down on tax avoidance and close tax loopholes.
She warned the party would have to make "tough decisions" to tackle a £22bn black hole in the government's finances.
She said: "We said we will not increase taxes on working people, which is why we will not increase the basic higher or additional rates of income tax national insurance or VAT and we will cap corporation tax at its current level for the duration of this parliament.
"We will extend the energy profits levy on oil and gas producers to invest in homegrown energy here in Britain. We will end the non-dom tax loopholes, and we will crack down on tax avoidance and tax evasion."
Reeves said the government is already recruiting 5,000 new HMRC compliance officers, "because this government will not sit back and indulge the minority to avoid paying the taxes that they owe".
Reeves said investment in the UK was key to facing financial struggles.
She added: "This Budget will be a Budget for economic growth.
"It will be a Budget for investment, because today, we find ourselves at the very bottom of the G7 league tables for economy-wide investments as a share of our GDP.
"I believe in a better Britain, a Britain of opportunity, fairness and enterprise. I know that country has sometimes felt far off in recent years as our growth, our productivity and family finances are fall behind, but it doesn't have to be that way."
She also re-confirmed the decision to means-test the winter fuel payment. She added: "I judged it the right decision in the circumstances that we inherited."
Tom Selby, director of policy at AJ Bell, said it remains to be seen where the government will raise money.
He said: "While the chancellor’s tone may have been more positive today, she left the conference in no doubt that painful decisions are coming in the Budget on 30 October – although the country remains in the dark on where exactly the axe will fall.
'Like nature, politics abhors a vacuum, and the lack of clarity has led to inevitable speculation about possible revenue-raising reforms to pension tax relief and tax-free cash, as well as capital gains tax (CGT).
“The fact the government has boxed itself in by ruling out increases to the rates of income tax, National Insurance (NI) and VAT; insisting it will not raise taxes on ‘working people’; and saying its key economic priorities are growth and wealth creation further confuses the picture.
"It is hard to see how the chancellor can raise the money she says she needs without undermining at least one of these pledges.”
tara.o'connor@ft.com
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