TAX the rich and the banks, the labour movement told Rachel Reeves as the Chancellor prepared the ground for Budget tax rises, possibly in breach of Labour’s manifesto commitments.

Speaking as Ms Reeves outlined the sombre economic backdrop to the budget, due to be unveiled at the end of the month, TUC general secretary Paul Nowak urged that the “broadest shoulders” bear the burden of any extra taxes.

Mr Nowak said: “This budget must deliver fair taxes to fund the public services that working people need.

“It’s time those with the broadest shoulders paid the fairest share – whether it’s the wealthiest, banks or gambling companies.

“This is not only the right thing to do – it’s popular across the political spectrum, including with Reform-leaning voters.

“People have had it with a system where those with the broadest shoulders don’t pull their weight.”

The TUC leader added: “Before considering income tax rises for higher earners, the government must do much more to ensure that the wealthiest pay their fair share.

“That includes looking at increasing capital gains tax, upping the tax on gambling companies and making the banks pay a little bit more after they have cashed in on eyewatering profits.”

The general secretary of Britain’s largest union, Unison’s Christine McAnea, also urged that the wealthier be taxed more to protect public services.

“That means raising taxes for those most able to pay more, and not those already struggling to pay their bills,” she said.

“It’s time for a wealth tax. And to start making big businesses and giant multinationals pay their fair share.”

PCS general secretary Fran Heathcote struck the same note, saying “at a time when the cost of living is going up, and many workers are being offered a below inflation pay increase, it’s important that low and average earners are protected and that tax rises fall on those with the broadest shoulders through a wealth tax.”

And Maryam Eslamdoust, general secretary of transport union TSSA, called for a budget “true to Labour values,” saying: “If taxes are to rise to build the country and get the economy moving, that is no bad thing – but it is those with the deepest pockets who should pay more.

“Any rise in VAT or National Insurance would be counterproductive. Raising income tax on the highest earners, alongside a wealth tax for the richest in the country, is the only way forward.”

Left Labour MP Jon Trickett said: “Britain’s wealthiest have never had it so good. But the working class is struggling to get by with cost of living.

“Those with the broadest shoulders should contribute more towards the good of society. The government must not balance the books on the backs of the working class.”

And Green Party leader Zack Polanski warned: “Any measures that look to balance the books on the backs of some of the most vulnerable instead of taxing the assets of multimillionaires and billionaires will be the mark of economic, social and environmental failure.

“We need to tax wealth fairly to address indefensible levels of inequality, reduce the burden on the poorest and help fund our front-line services that we all rely on.”

Ms Reeves stuck to her downbeat assessment of Britain’s economy, and refused to commit to keeping Labour’s manifesto promise not to raise income taxes, workers’ National Insurance or VAT.

It is now common currency in Westminster that she is contemplating big tax rises, including possibly to income tax rates, to fix her Budget gap.

She blamed her difficulties on US President Donald Trump and former Tory PM Liz Truss, saying “the continual threat of tariffs has dragged on global confidence, deterring business investment and dampening growth.”

The ex-premier’s disastrous 2022 mini-budget was the reason borrowing costs are higher. “It might have been three years ago, but we’re still paying the price of that,” she said.

The Chancellor said her Budget “focus will be on getting NHS waiting lists down, getting the cost of living down and also getting the national debt down,” while pledging no return to austerity, despite evidence otherwise.

And, of course, she re-committed to her beloved fiscal rules mandating falling public debt, a main cause of the government’s bind.