The Chancellor warned today – "the world has changed" in the twelve months since she last took to the stage at the Labour Party Conference.
Back then, she spelled it out in her speech: there would be no change to National Insurance, Income Tax, or VAT.
A year on, the clearest hints yet that tax rises are coming.
Experts say Rachel Reeves could have to find as much as 30 billion pounds.
That, she would only allude to, what she called "harsh global headwinds", bringing fresh tests for the Treasury in the coming months.
And Labour is certainly being tested.
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