Published: November 4, 2025 at 12:38 pm
Rachel Reeves has refused to rule out tax rises in this month’s Budget.
In an unusual pre-Budget news conference in Downing Street, the Chancellor hinted that she would break a Labour election manifesto commitment not to increase income tax, VAT or national insurance.
Against the backdrop of an estimated £20-30 billion shortfall in the public finances and £2.6 trillion of national debt – 94% of GDP – Reeves said the country was in a worse state financially than they had expected after “years of [Conservative] economic mismanagement”.