Rachel Reeves is set to reveal a so-called ‘surprise’ £20 billion black hole in the UK’s finances, paving the way for what Labour do best: tax raids in the upcoming Autumn Statement. Despite her election pledges, Rachel Reeves refused to commit to no new tax rises on wealth, property, inheritance or capital gains as she prepares to splash the cash on the public sector. Asset-holders will be preparing to pack their bags…

Labour are pointing fingers at the Tories, incorrectly claiming finances are in the worst shape since the Second World War, and blaming the state of welfare, prisons, asylum systems and defence for what will likely see huge tax rises. With GB Energy also set to rake in at least £8.3 billion from the taxpayer – a scheme that if were actually viable, would see the private sector itching to jump in without needing a government handout – the black hole will likely be higher. The public will quickly forget about the Tories’ record if Labour are the ones to hike up rates…