UK Chancellor Rachel Reeves is facing renewed scrutiny over how she will plug a forecast multibillion-pound gap in the public finances after ministers declined to rule out a wealth tax ahead of the Autumn Budget. Reeves reiterated her manifesto pledge not to raise income tax, National Insurance or VAT for what she calls “working people”, but her deputy Darren Jones told broadcasters he would not speculate on other levies, leaving open the option of taxing wealth or extending the freeze on personal allowances. The ambiguity has prompted warnings from the opposition. Conservative shadow finance spokesman Richard Fuller said Labour was preparing a “big tax take” less than a year after claiming to have fixed a £22 billion deficit, and argued that any new imposts would fall on middle-income households. External analysts calculate that recent policy reversals and weaker growth could leave the Treasury searching for about £20 billion when Reeves delivers her Budget later this year. Reeves is simultaneously trying to highlight new spending commitments, including a £500 million Better Futures Fund aimed at supporting up to 200,000 disadvantaged children. However, she has also acknowledged external pressures on the fiscal outlook, noting that wholesale oil and gas prices have risen about 10% since hostilities escalated between Israel and Iran. The chancellor said the government is monitoring potential disruption to shipping through the Strait of Hormuz and “will do everything in our power” to shield households from higher energy costs.