The budget is still a month away and speculation about its contents is already in full swing. Details of what Rachel Reeves has planned will dribble out over the coming weeks, but two things are certain: taxes are going up, and they are going up by a significant amount.
Obviously, the chancellor would prefer not to be in this position. The government has had a rotten year and this is reflected in its dire opinion poll ratings. The budget is unlikely to make Labour more popular, with a strong risk that tax increases will slow the economy, as they did last year.
