manifesto

It said there would be more details in its manifesto for the Senedd election.

But her careful language contrasts with comments in September that "manifesto commitments stand" on not raising income tax, National Insurance or VAT.

The government says Mr Collins was only able to draw upon the Conservative government's assessment of China, but his final witness statement used language almost identical to Labour's 2024 manifesto.

In its general election manifesto last year, Labour promised not to increase income tax, VAT and corporation tax, limiting the government's options to raise revenue.

But the prospect of easing inflation could also throw her a lifeline as she battles to make the numbers add up without breaking manifesto promises on borrowing and taxation.