Chancellor Rachel Reeves Admits Tax Rises and Spending Cuts Under Consideration for Budget. Chancellor Rachel Reeves has confirmed that both tax rises and spending cuts are being considered in her upcoming 26 November budget. In her first interview since reviewing the Office for Budget Responsibility’s report, Reeves acknowledged the size of the fiscal black hole she must fill. She admitted that “of course, we’re looking at tax and spending as well,” marking her first public acknowledgment that tax increases are on the table. Reeves is expected to find up to £30bn to balance the books after productivity downgrades, welfare U-turns, and weaker-than-expected economic growth. She rejected any suggestion of relaxing fiscal rules, meaning the government’s day-to-day spending must be funded by taxation, not borrowing, from 2029-30. When asked about a “doom loop” of yearly tax rises, Reeves said “nobody wants that cycle to end more than I do,” while pointing to the UK’s G7-leading growth in early 2025. The chancellor blamed austerity, Brexit, and Liz Truss’s mini-budget for the economic challenges, saying their effects remain “severe and long-lasting.” Reeves insisted she will “not duck those challenges,” pledging fiscal discipline and citing past Conservative mismanagement as a warning against repeating mistakes. [Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT]