Rachel Reeves’s speech to Labour party conference was the clearest indication yet that taxes will be rising at the Budget in November.

The Chancellor emphasised that she will not break the self-imposed borrowing rules which state that all day-to-day public spending must eventually be covered by tax receipts.

This was a rebuke to critics within Labour – Andy Burnham the most high-profile among them – who think Reeves is overly attached to the idea of balancing the books and want her to turn on the spending taps as soon as possible. New Feature

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But if she is ruling out more borrowing, and if spending cuts would be politically impossible to deliver, that leaves only tax rises as a way to cover any shortfall in the public finances.

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