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Rachel Reeves appeared to pave the way for significant tax increases in a major pre-Budget speech, as she said “easy answers” were off the table.
It is the starkest warning yet from the chancellor, who has been signalling over the past few months that hard choices will have to be made.
Many economists predict that substantial tax rises can be expected at the crunch fiscal event, as Ms Reeves looks to counteract the country’s ailing economic performance.
Researchers from the Institute for Fiscal Studies (IFS) have found that the chancellor will need to find at least £22bn to make up a shortfall in the government’s finances, as rising borrowing costs and weak growth forecasts drastically reduce her room for manoeuvre.
open image in gallery The pound fell further after the chancellor’s speech ( PA )
Speaking from Downing Street on Tuesday m
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