Reeves urged to make tax changes ‘to raise more than £20bn a year’

Rachel Reeves has warned of ‘tough decisions’ in the budget in October because of the state of the public finances. Photograph: Getty Images

Rachel Reeves is being urged by a left-of-centre thinktank to announce changes to capital gains tax, inheritance tax and national insurance in next month’s budget that would raise more than £20bn a year for the Treasury.

With the chancellor looking for ways to plug a £22bn hole that she has identified in the public finances, the Resolution Foundation said it was a time-honoured tradition that taxes were raised in the first budget after an election.