Treasury denies claims Rachel Reeves asked to step back from Spring Statement

Officials in the Treasury are looking to avoid unsettling the financial markets and have reportedly discussed lining up a junior minister to deliver the fiscal package, rather than the Chancellor.

Whitehall is keen to stress that the statement, which is set to take place on March 3, will be a "non-event".

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The possible move comes after the tumultuous build-up to the autumn Budget, where a series of major leaks and briefings led to economic uncertainty.

A Whitehall source told The Telegraph: "We don't want the levels of speculation and market instability that we had in the run-up to the Budget."

Sources close to Ms Reeves told the paper she insisted that she intended to deliver the statement herself and dismissed the possibility that a junior minister could take her place.

The Chancellor had reportedly been dropped from Sir Keir Starmer's trip to China last month.

She had expected to join the Prime Minister on his "historic" visit to Beijing, but was dropped in a "political" decision and replaced by Lucy Rigby, a junior Treasury minister.

Before her autumn statement, Ms Reeves held an unusual pre-Budget speech, where she hinted at breaking Labour’s manifesto pledge not to increase income tax.

She also blamed the nation’s financial problems on global forces such as Donald Trump's tariffs and “volatile” supply chains.

The income tax hike was eventually scrapped, with critics claiming this move contributed to the chaos surrounding the November 26 Statement.

After delivering her Budget speech in the Commons, the head of the Office for Budget Responsibility resigned after the watchdog leaked many of the policies an hour early.

The OBR went on to warn that the Government was falsely briefing the press about a black hole in the public finances before the Budget.

Ms Reeves was later accused of lying about the state of the economy to justify her £30bn tax raid.

A Treasury spokesman said that any suggestion that Ms Reeves will not deliver the Spring Statement herself is "inaccurate".

They added: "The Chancellor has confirmed to the House and the shadow chancellor she is doing the statement."