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As this year's Autumn budget approaches, Chancellor Rachel Reeves is facing some tough financial decisions to try and plug a £50 billion black hole in the nation’s public finances .

Brits will find out the full extent of Labour's plans for the economy when Ms Reeves delivers her second Autumn Budget on November 26.

So far, there has been much speculation as to how the Chancellor plans to cut costs this year, with concerns raised over possible tax rises .

Ms Reeves has already reportedly pulled a U-turn on upping income tax next week, which would have broken one of the Labour Party's manifesto promises.

Without any money coming from increased income tax, there is speculation that the Treasury will pursue a “smorgasbord” approach of raising a range of smaller taxe

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