Asked about whether she is relaxed about business bosses getting very rich, Rachel Reeves said she wants businesses to succeed and “that includes paying people at the top properly for the work that they do”, Archie Mitchell reports.

But the shadow chancellor added: “I’m also committed to turning the minimum wage into a real living wage so that ordinary working people also benefit when our economy grows and is successful.”

Reeves is asked about which tax cut for workers she would implement if economic stability is achieved.

She claims a Labour Treasury would bring national insurance cuts but “I’m not going to make any unfunded pledges,” she says.

She adds: “I will never play fast and loose with the economy” as adding “more bubbles in the Christmas tree is dangerous and reckless and it will result in higher taxes”.

Rachel Reeves has described herself as a social democrat, but not a socialist as Labour leader Sir Keir Starmer did on Monday, Archie Mitchell reports.

The shadow chancellor said: “What I mean by that is that I believe that children from whatever background should get an equal start in life.

“I believe in strong public services to support people all through their lives, from the cradle to the grave.

“And I believe that work should always pay and offer security to people. So that’s how I would describe myself, but instead of fixating on labels, just look at what Labour governments have done in the past for working people.”

It came after Sir Keir said on the campaign trail that he is a socialist and a progressive.

Taking questions from the press, the shadow chancellor says she stands with the Tories’ plan to bring a triple lock policy.

She says: “Today is just another desperate gimmick from the Conservatives.

“Even before today, they had racked up £64 billion of unfunded tax cuts and last night they offered us another one.

“The only reason the pensioners are looking for the first time at paying income tax on their basic state pension is because the Conservatives lost control of the economy.”

Under the slogan of “stability, investment, reform” she says Labour will set out policy foundations for growth, if elected.

Ms Reeves says Labour is “pro-worker and pro-business, in the knowledge that each depends upon the success of the other”.

She claims  “stability is not enough” but she would implement “a plan to fix our weak levels of investment”.

She says the general election is a choice between “Tory chaos and Labour stability” and says: “I have been very clear that every policy that we announce, every line in our manifesto will be fully costed and fully funded.”

Rachel Reeves has said she does not want to become chancellor as a “staging post” in her career and promised not to “luxuriate” in the post if Labour wins the election, Archie Mitchell reports.

“I know the responsibility that will come with that… I embrace it,” the shadow chancellor said.

Ms Reeves added: “To serve as chancellor will be the privilege of my life… I know that it will not be easy, it will take hard work, it will require hard choices.

In a bid to boos economic security, she promise to avoid “a repeat of the devastation of Liz Truss” if elected.

She says a Labour Treasury would implementspending review.

This means any tax and spending changes would requite a full forecast from the Office Budget responsibility.

Rachel Reeves has tried to link Rishi Sunak and Jeremy Hunt with short-serving former prime minister Liz Truss, Archie Mitchell reports.

The shadow chancellor is keen to paint the prime minister and his predecessor as one and the same after Ms Truss’s disastrous mini-budget sent markets into turmoil.

“They haven’t learned their lessons, they are singing from the same songbook with the prime minister’s priorities dissolving into thin air,” Ms Reeves said.

She attacked Mr Sunak’s promise to abolish national insurance payments eventually as a £46bn unfunded tax cut.

“It is clearer than ever that, in this election, the choice is between Tory chaos and Labour stability… and stability is change,” she added.

Rachel Reeves has attacked Rishi Sunak’s plan, saying the prime minister called the snap general election because he knows it is not working, Archie Mitchell reports.

At a speech in Derby, the shadow chancellor said the Labour Party has changed under her and Sir Keir Starmer’s leadership.

And she said: “The Conservatives have failed on the economy, the plan isn’t working and Rishi Sunak’s decision to call a snap general election is the clearest sign of that.”

The shadow chancellor claims the last Conservative government has caused “economic chaos and decline”.

She adds the Tories have caused economic mismanagement with Liz Truss’mini-budget, and that it is an “insulting the intelligence of Brits”.

“We won’t let them get away with it,” she vows.