LONDON – U.K. Treasury chief Rachel Reeves on Tuesday signaled she will raise taxes in her budget this month, arguing that the economy is sicker than the government knew when it took office last year.

Reeves gave a highly unusual speech, three weeks before the Nov. 26 budget, to brace voters and financial markets for the likelihood she will break an election pledge not to increase income taxes or sales tax.

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“If we are to build the future of Britain together, we will all have to contribute to that effort,” she said, in a hint at broad tax increases. “Each of us must do our bit for the security of our country and the brightness of its future.”

Reeves cited interest payments on the U.K.’s 2.6 trillion pound ($3.4 trillion) national debt and a lower-than-expected prod

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