Reeves Signals Possible Tax Rises In Pre-Budget Speech. Chancellor Rachel Reeves has hinted that tax rises could be on the way, saying she will make “necessary choices” in her upcoming Budget after “the world has thrown more challenges our way.” Speaking from Downing Street, Reeves did not rule out breaking Labour’s election pledge to freeze income tax, VAT and National Insurance. When pressed by journalists, she avoided a direct answer, saying she was “setting the context for the Budget.” Conservative leader Kemi Badenoch criticised the address as “one long waffle bomb,” accusing Reeves of confusing businesses and calling instead for tax cuts to stimulate growth. Reeves promised a “Budget for growth with fairness at its heart,” aimed at reducing NHS waiting lists, lowering debt and easing the cost of living. She said everyone would need to “do their bit” to stabilise the economy, insisting she will act in the national interest, “doing what is necessary, not what is popular.” [Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT]