POLL OF THE DAY: Does Rachel Reeves have any choice but to raise taxes?

Rachel Reeves has been urged to "go big" after confirming she will batter wealthy Britons with new taxes in next month's Budget.

The Institute for Fiscal Studies (IFS) has told the Chancellor she may need to raise around £40billion to avoid a "fiscal Groundhog Day" next year.

Ms Reeves confirmed last night that taxes on the wealthy would be "part of the story" - adding that critics of her previous tax raids were "bleating scaremongerers".

Now, the IFS has warned she may need to find at least £40billion to avoid a £22billion black hole.

It estimates her headroom will be reduced by £6billion from policy U-turns, £5billion from higher interest costs and £11billion from underperforming growth.

So far, Ms Reeves has rejected calls for a wealth tax - but raising capital gains tax, raiding banks or levying national insurance on rental income have not been ruled out.