Taxes will have to rise, admits Shadow Chancellor Rachel Reeves

Changing stance

Shadow Chancellor Rachel Reeves has admitted that she was "wrong" to say that taxes would not have to rise during the election campaign.

In a speech to the Fabian Society, Reeves said that the "fiscal situation is more challenging than we thought" and that "we will need to take some difficult decisions" in order to "get the public finances back on track".

Taxes may rise

Reeves did not specify which taxes might rise, but she said that the government would need to "look at all options" including "raising taxes on the wealthy" and "closing loopholes".

She also said that the government would need to "make cuts to public spending" but that these cuts would be "fair and proportionate".

Political reaction

Reeves' admission that taxes will have to rise has been met with mixed reactions from politicians.

Some have welcomed the news, saying that it is important to be honest with the public about the need to raise revenue.

Others have criticized Reeves, saying that she is breaking a promise she made to voters during the election campaign.

Public reaction

The public's reaction to the news that taxes will have to rise is likely to be mixed.

Some people will be understanding of the need to raise revenue, while others will be angry at the prospect of paying more taxes.

It is important to note that Reeves has not yet said which taxes will rise, so it is difficult to say how the public will react.

Conclusion

Reeves' admission that taxes will have to rise is a significant development in the political debate about the UK's fiscal future.

It remains to be seen how the public will react to the news, but it is clear that the government will need to make some difficult decisions in order to get the public finances back on track.