Philip Hammond, with Theresa May in the Commons yesterday, has minimal scope for borrowing

Philip Hammond will tell the City that he believes tax rises rather than borrowing must shoulder the burden of the NHS spending promised by Theresa May.

The chancellor’s comments come as it emerged that the cumulative total extra commitments for the prime minister’s announcements on health amount to about £83 billion, excluding inflation.

A YouGov poll for The Times has shown that the Tories have not received a bounce in the polls from Mrs May’s announcement, while Labour maintains a healthy lead on which party is most trusted on the NHS.

In his Mansion House speech tonight, Mr Hammond will reaffirm his commitment to his fiscal targets and reducing the country’s debt, signalling to other cabinet ministers that their budgets might be frozen or cut