Reeves Promises ‘Fair’ Budget As Tax Rise Expectations Grow. Chancellor Rachel Reeves says her upcoming Budget will be “fair” and guided by “necessary choices,” as pressure mounts over potential tax rises. Speaking from Downing Street, Reeves said global challenges had forced difficult decisions but insisted the Budget on November 26 will be one “for growth with fairness at its heart.” Economists, however, expect the chancellor to raise taxes to balance the books despite Labour’s election pledges not to increase income tax, VAT or National Insurance. The Resolution Foundation think tank said tax hikes are now “inevitable”. Shadow chancellor Sir Mel Stride accused Reeves of breaking promises, calling the speech an “emergency press conference” and warning “higher taxes are on the way.” Reeves acknowledged the UK’s weak productivity and rising national debt, saying she would do “what is right, not what is popular.” The Budget could include one-off tax increases, but any move to raise the basic income tax rate would carry major political risks. [Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT]