The memo has emerged amid growing tensions within Labour

Angela Rayner sent a secret memo to Rachel Reeves pushing for a new tax raid on savers, according to a new report.

In the alleged document the Deputy Prime Minister proposed eight tax increases, including reinstating the pensions lifetime allowance and changing dividend taxes.

She also suggested new raids on the million people who pay the additional rate of income tax and a higher corporation tax level for banks.

The measures would raise taxes by £3billion to £4 billion a year, according to estimates cited in the document.

The real figure could be much higher, as no specific estimates were given for some policies.

The memo, revealed by the Telegraph, amounts to a direct challenge to the Chancellor's broad approach this year of using spending cuts rather than tax rises to fill the black hole in the nation's finances.

The two-and-a-half-page memo, stamped "official" and submitted by Rayner's team to the Treasury in mid-March, was titled "alternative proposals for raising revenue".

One key proposal was reinstating the pensions lifetime allowance, which had placed a limit of just above £1 million on pension savings before higher tax charges applied.

This could generate up to £800million in new tax revenues.