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Conservative backbench MPs have warned the chancellor against making tax hikes after reports that he is mulling a raft of cuts worth £30bn to pay for the Covid-19 finance black hole.

Chancellor Rishi Sunak is considering increasing corporation tax from 19% to 24% in his November Budget, cutting pension tax relief and increasing capital gains tax rates.

However, following the report in The Sunday Times, Conservative MPs were quick to warn the chancellor against raising taxes to pay for government’s huge coronavirus debt. At the end of July, public sector debt passed £2tn for the first time.

According to a Guardian report, Marcus Fysh, MP for Yeovil, said: ‘The focus has to be building on the nascent recovery in the economy, which is the surest way to maximise the number of jobs available and balance revenue with spending.

‘We must not risk it with talk of counter-productive tax rises. I am sure the chancellor is well aware of this and hope he will consider urgent fiscal incentives to boost activity, investment and productivity.’

Tory MP for Wokingham John Redwood said: ‘You cannot tax your way to faster growth and more prosperity. We need policies to promote more jobs and activity to get the deficit down.’

Treasury minister Stephen Barlcay refused to be drawn on whether the government would introduce tax reform at the upcoming Budget.

‘Treasury ministers don’t get into what a Budget will or will not do, and particularly on tax measures ahead of that – that’s for the chancellor, the Budget.”