Chancellor Rachel Reeves has received a stark warning from a prominent Wall Street bank that increasing taxes later this year will fail to enhance public finances.

Reeves is broadly anticipated to impose tax rises of at least £20bn during this year's Autumn Budget , with property holders, gambling firms and pension funds expected to face steeper charges, as reported by City AM .

Goldman Sachs has stated the UK has achieved "limited historical success" in strengthening public finances through tax increases, with bond dealers and economists likely to remain concerned about Britain's fiscal strategy well beyond the Autumn Budget.

The bank's economist Sven Jari Stehn warned that additional taxes would probably maintain elevated interest rates for an extended period due to persistent inf

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