The Conservatives may be perfecting plan to break their 2015 electoral promises to the British people

Chancellor at it again, after his recent budget presentation to the British people caused stirs that made him to reverse his proposed policy on the self-employed.

While delivering his address in the US, the Chancellor revealed that Tories manifesto which promised not to increase income tax, VAT or National Insurance "constrains" the Government. Thus the Conservatives may be opting to veto that campaign promise.

According to the Chancellor, such a pledge has been the factor constraining the government from effectively managing the UK economy. Though, he also cleared the air by saying that he had "no ideological desire to raise taxes".

Hammond’s first budget presentation as Chancellor in March met a brick-wall when so many persons condemned his planned increase of the National Insurance fee being paid by self-employed individuals, as such a move was absolutely repugnant to the pledge the Tories made through David Cameron two years ago.

The reversal left Mr Hammond with a headache, as the 2% rise to Class 4 National Insurance contributions was meant to raise £2bn for social care.

Recall that in 2015, the Tories had made a vow to cut income tax for 30 million people - taking those who earn less than £12,500 out of income tax altogether through increases to personal allowances.

However, for now one cannot tell whether these taxes could face increases if the pledge is withdrawn when the Tories release their 2017 manifesto in the coming days.

Sky's Business Presenter, Ian King, said: "There was a column in The Times newspaper by the director of the Institute for Fiscal Studies who said it would be unwise for whoever wants to be the Chancellor to tie their hands in this way.

"The Government essentially has four main levers it can pull in terms of raising taxes: income tax, national insurance, VAT and corporation tax.

"The Government is committed to lowering corporation taxes to ensure the UK economy remains competitive and an attractive investment destination, so that leaves the other three taxes that George Osborne pledged not to raise the rates on."