During last year’s election, she pledged not to raise taxes on “working people”. But that didn’t stop her from hiking employer National Insurance in October’s Budget, a stealth tax that could cost hundreds of thousands of jobs.

Businesses will pass the £25billion tax hit onto working people, through lower wages and higher prices.

It’s already slowing the economy, but Reeves claimed she stuck to her working people promise.

She then insisted she wouldn’t raise more in her Spring Statement on March 26, until PM Keir Starmer slapped her down.

Reeves should never have made that promise, given the fragile state of the nation’s finances. Now we’re waiting to see if she will hike taxes on Wednesday.

The Chancellor appears to have backed away from slashing the annual Cash ISA allowance from £20,000 to £4,000.

That’s a massive reprieve for savers but don’t breathe easy just yet. She could still attack our Cash ISAs in her Autumn Budget.

Rumours suggest she could extend the freeze on income tax thresholds, from 2028 to 2030. That would be brutal, if she does it.

And would definitely hit working people. We’ll find out soon enough.

Now, tax experts at Blick Rothenberg warn she could have FOUR other stealth tax tricks up her sleeve.

Director Robert Salter says Reeves is under “immense financial and political pressure” and may look for subtle ways to raise funds without breaking Labour’s election promises. Here are four possibilities.

1. Hiking self-assessment penalties. The £100 fine for missing the annual 31 January tax return deadline hasn’t changed since the late 1990s. Salter suggests Reeves could hike it to £500 or even £1,000.

That would be a handy money-spinner, given that around one million missed this year’s deadline. At £1,000 each, Reeves could rake in £1billion.

It would be a huge blow for those caught out, especially if they didn’t actually owe any tax, or just a few pounds.

This will include many pensioners who find themselves dragged into HMRC’s clutches thanks to frozen tax thresholds.

2. Slashing pension tax relief. Currently, pension contributions attract tax relief at 20%, 40% or 45%, depending on income.

Reeves could slash this to a flat rate of 20% or 25% for all, saving billions.

She could even try to spin this as a win for working people, since basic-rate taxpayers would gain. But it would hammer higher earners.

3. Taxing your company pension. Reeves hit employers with a £25billion National Insurance (NI) grab in October’s Budget.

Salter says she could extend this to employer’s pension contributions, making them liable for NI too.

On paper, this wouldn’t directly hit working people—but in reality, it would. Employers could respond by cutting pension contributions, lowering salaries, cutting back on hiring or even laying staff.

Extending VAT to private medical and dental care. Reeves has already targeted private school fees with a 20% VAT charge. Next in line? Private healthcare.

Salter suggests she could extend VAT to private medical insurance or even private dental care. That would punish those forced to go private because NHS services are crumbling.

Salter admits these tax grabs “would be quite controversial,” but said Reeves may feel she has no choice. “Labour is facing a difficult fiscal position and will need to make some hard decisions, either on March 26 or in the Autumn Budget.”

Even if she holds off next week, don’t assume you’re safe. The real pain may only be postponed until later this year.