Rachel Reeves has admitted that the Treasury is considering both tax rises and spending cuts in the Budget – which will take place in late November.

Speaking to Sky News , in her first interview since being briefed by the Office for Budget Responsibility (OBR), Reeves said “of course” tax and spending are being looked at.

The Chancellor was shown a draft of the OBR’s fiscal report on 3 October, which will have detailed the size of the fiscal black hole she will aim to fill on 26 November. New Feature

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Before this, she had avoided mentions of tax and any confirmation of rises.

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