Rachel Reeves has been forecast to raise taxes by a whopping £30billion in her upcoming Budget, a top economist has projected on GB News.
Economics professor Julian Jessop admitted that the whole ordeal was simply "guesswork" while the Treasury is believed to be in an "omnishambles" ahead of November 26.
"It's frustrating that we haven't actually heard anything from the Office for Budget Responsibility. Yes, they've been respecting what used to be called Budget purdah and keeping quiet," he told Camilla.
"So all we're getting is leaks and rumors and speculation from No10 and the Treasury, who can't really be trusted.
"But my own best guess is that she'll raise taxes by about £30billion later this month."
Mr Jessop's projection comes amid fears that Ms Reeves could be on the warpath to raise a multitude of different taxes in a bid to plug the so-called black hole in the Treasury.
A fortnight ago, she delivered a pre-Budget speech which many believed to be setting the scene for an income tax hike.
However, backbench Labour MPs started to squirm over a potential backtrack over manifesto promises after Labour pledged to not raise key taxes, including VAT, National Insurance and income tax.
Mr Jessop projected a 'dog's dinner' of tax hikes to plug the black hole in the public purse
|GB NEWS
Subsequently, it is believed that Ms Reeves's top team has made a U-turn over the matter, the Financial Times reported.
"About a third of [the £30billion] will come from increases in income tax," Mr Jessop said.
"I think it's more likely to be by extending the current freeze beyond 2028, rather than actually lowering the thresholds, but that is a possibility too."
"So that leaves about £20billion that I think she'll find from this sort of dog's breakfast of other measures. There might be a billion here, a billion there.
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Ms Reeves appeared to pave the way for an income tax hike a fortnight ago
|PA
"A lot of that, I suspect, will actually unravel in the in the days after the Budget, as it usually happens.
"You know, people will go through the detail and conclude that it doesn't add up.
"But I think she'll definitely break the manifesto commitment on on income tax, at least in spirit."
The only other aspect that "seems almost certain" is a "mansion tax", which Mr Jessop equates to a tax on the south east.
The brand-new tax will be able to be deferred until they move house or following their death over worries consumed pensioners that older Britons could be hit the hardest.
Plenty have raised fears that they could be coerced into selling off their homes to be able to cough up the cash to cover the tax.
Essentially, families could be slapped with another lot of inheritance tax in addition to the current death duty which sits at 40 per cent.
The alleged tax is said to be an attempt to target property wealth, with plans to possibly include a £600million surcharge on hundreds of thousands of high-value properties.
Despite Ms Reeves and Sir Keir Starmer vowing to target those "with the broadest shoulders" in society, the mansion tax has been estimated to affect one in 10 properties across England.
Tory leader Kemi Badenoch said that such a tax was simply another "unjustified raid on pensioners who have done the right thing and worked hard their whole lives".
"It is measures like this that don’t just kill growth, but kill the forces of aspiration and hard work that help build our economy.
"No wonder so much wealth has already fled the country. No wonder so many are reconsidering whether the UK is the right place for them and their children," she wrote in The Telegraph.
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