As Rachel Reeves prepares to deliver her first budget, she has ruled out austerity, promising growth in public spending likely funded by tax increases and selective borrowing.
Adjustments in income tax thresholds could effectively pull more taxpayers into higher brackets, potentially raising significant revenues as estimated by the Institute for Fiscal Studies.
Reform of pension tax relief is planned, which may raise considerable funds by limiting relief to basic rate or adjusting employer National Insurance contributions.
Potential changes to capital gains and inheritance tax, alongside an increase in fuel duty, could help to tackle the £22 billion deficit left by the Conservatives.
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