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Rachel Reeves is set to issue a fresh tax warning today in a speech ahead of the Autumn Budget, according to reports.

The Chancellor will give a speech from Downing Street this morning amid mounting speculation that she is preparing to hike income tax to plug a hole in the public finances.

She is expected to say that it is 'important people understand the circumstances we are facing' as she lays the ground for tax raises of up to £30billion.

Ahead of her remarks, No 10 repeatedly refused to re-commit to Labour ’s manifesto pledges – fuelling speculation that its promise to avoid hiking income tax looks set to be broken.

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Ms Reeves is expected to lay out three key priorities of cutting national debt, easing

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