UK finance minister Rachel Reeves is signalling she will raise taxes in her budget, arguing the economy is sicker than the government knew when it took office.

Reeves gave a highly unusual speech, three weeks before the November 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.

"If we are to build the future of Britain together, we will all have to contribute to that effort," she said on Tuesday, 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 UK's Stg2.6 trillion ($A5.2 trillion) national debt and a lower-than-expected productivity assessment from the government's economic f

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