Rachel Reeves has laid the groundwork for sweeping tax hikes. Justin Tallis/PA

Rachel Reeves has refused to rule out hiking taxes on millions of Brits as she said everybody will have to “contribute” to fix the UK economy.

At a speech on Tuesday , the Chancellor said this year’s Budget would look to address the low productivity, curb inflation in order to prompt fresh interest rate cuts and focus on getting debt levels down to reduce borrowing costs.

She refused to get drawn on the taxes she might raise at the Budget but said that the country faced “big challenges”, with many emerging since last year’s £40bn tax hike on businesses and other groups across the UK.

“When I was appointed Chancellor, people put their faith in me to take our country forward, not to be swayed by political

See Full Page