Rachel Reeves confirms taxes will rise in her first budget in October [Video]

Taxes will have to rise in October to plug a £22bn hole in the public finances, Rachel Reeves has warned.

Ahead of her first budget, the chancellor refused to rule out hiking capital gains and inheritance tax and pursuing pension reform to fill the gap.

And, setting the scene for a brutal financial statement, she said: “I think that we will have to increase taxes in the budget.”

The warning comes after she scrapped a series of infrastructure projects and announced the winter fuel allowance for pensioners would be means-tested in a bid to address the black hole left by the Conservatives.

Ms Reeves did not say which taxes would rise, but told the News Agentspodcast that Labour would …