Sevenoaks MP Michael Fallon has blasted an apparent leak of yesterday’s pre-budget report.

Details leaked to press ahead of this afternoon’s speech by Chancellor Alistair Darling included a five per cent income tax rise for Britain’s highest earners.

If true, it will mean anyone earning over £150,000 shall be made to pay 45 pence in tax for per pound they earn.

The change would only be brought in if Gordon Brown’s party won the next election - this would stop Labour reneging on their previous election promise not to increase people’s income tax rates.

~Listen: MP Michael Fallon speaks on the pre-budget leaks>>>

Other details from the report also showed plans to cut VAT from 15.5 to 15 percent to encourage the public to spend more of their cash on the High Street ahead of Christmas.

Mr Fallon, who is also the Deputy Chairman of the Commons Treasury Committee said he was furious the information had been leaked.

He said: "There’s a rule that neither budgets nor half-yearly budgets should be announced in advance, they should be secret until they are reported properly to Parliament. It’s not just a procedural thing, it’s to prevent people from taking commercial advantage. For example, buying or selling shares in companies that may be affected."

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Mr Fallon then accused the government of releasing details for political gain.

He said: "They want to spin some of the good stuff - that they’re taxing the rich more to take everybody’s mind off some of the bad stuff, which of course will be the borrowing figures buried away in the back of the document."