Speculation is rife ahead of the upcoming autumn Budget, with Rachel Reeves expected to enforce a host of tax hikes. The Chancellor will confirm her plans on November 26 as she attempts to fill a £30 billion black hole in public finances.

Ms Reeves previously told the nation that “each of us must do our bit”, failing to reaffirm Labour’s manifesto pledges not to increase income tax, National Insurance or VAT. She insisted that “we will all have to contribute” and warned that “hard choices” are on the horizon.

In a speech weeks before her Budget, the Chancellor said: “As I take my decisions on both tax and spend, I will do what is necessary to protect families from high inflation and interest rates, to protect our public services from a return to austerity and to ensure that the economy that we hand down to future generations is secure with debt under control.

“If we are to build the future of Britain together, we will all have to contribute to that effort. Each of us must do our bit for the security of our country and the brightness of its future.”

Here are seven changes that Rachel Reeves may enforce in the Autumn Budget.

Experts have warned that Rachel Reeves is considering freezing the income tax threshold. The move would mean that almost one million people on low incomes pay income tax.

The experts have urged against the change, warning that it would hit pensioners and workers on minimum wage. Thresholds have been fixed since April 2023 and are due to stay frozen until April 2028.

However, there is speculation that the Chancellor will extend the freeze until 2030. This will reportedly raise an additional £8.3 billion per year, leaving the total number of income tax payers at 42.1 million in 2029-30 – 960,000 higher than under the current plan.

Matthew Oulton, a research economist at IFS, said: “The Chancellor may well want to raise more revenue and change who pays tax, and changing thresholds is a reasonable tool to use.

“But freezes set many years in advance are not – how big the tax rise turns out to be depends upon the unknown and unpredictable path of inflation.”

The Chancellor is widely expected to crack down on pension perks in the upcoming budget. There is speculation that she will reduce the amount of tax relief workers can get from contributing to their pension through salary sacrifice.

The perk, which allows workers to give up a slice of their gross pay in return for their employer paying the equivalent amount into their pension, is currently not subject to National Insurance (NI). However, Ms Reeves has plans to cap how much you can save without paying NI.

The move would mean hard-working savers could lose £22,000 as the Chancellor aims to raise a quick £2billion. As workers would pay the full rate on any contributions they make over £2,000 a year, anyone earning £50,270, paying 6% of their salary, would be £80 worse off a year.

Antonia Medlicott, managing director of Investing Insiders, said: “The Chancellor risks undermining trust in the system, which could deter people from saving or push higher earners into more risky products as they look for alternative ways to save tax.”

Rachel Reeves is reportedly planning a mansion tax on homes worth over £2 million. It could see British homeowners pay up to £10,000 every year.

The tax would see the owners of properties worth £2million or more face a charge of 1% of the amount by which the property exceeds that value. This means that owners of a home worth £3million would face a £10,000 bill every year.

However, the move has been slammed by experts and politicians. Shadow Chancellor Mel Stride said: “Keir Starmer and Rachel Reeves promised not to raise taxes, now we know they are planning to do just that.

“If Starmer and Reeves introduce a so-called mansion tax, they will be punishing aspiration and hitting hard-working people. This isn’t fairness, it’s class war.

“If Rachel Reeves had a backbone, she’d get a grip of spending – including the welfare bill – instead of raising taxes again and chasing out the very wealth creators our economy depends on.

“Under Labour, nothing is safe – not your job, your home, your savings or your pension. Rachel Reeves will tax your children’s future to pay for her failure.”

Meanwhile, Lucian Cook, head of residential research at estate agent Savills, said the mansion tax is a “very blunt and crude instrument”. He said: “There’s a big difference between someone in a £2million house without a mortgage and someone with a sizeable mortgage. So it doesn’t necessarily capture net wealth at all.”

Conservative leader Kemi Badenoch ramped up the pressure on Labour after announcing her party would scrap stamp duty if they were back in power. While this seems unlikely in the Autumn Budget, there are rumours that stamp duty could be replaced with a new national property tax on home sales above £500,000.

According to Rightmove figures, this would impact around a third of homes for sale in England. London would be hit the hardest as 59% of listings in the city have an asking price above £500,000.

Johan Svanstrom, chief executive of Rightmove, said: “If the responsibility for property taxes shifts onto the sellers’ side, the government will need to really think through how this transition will be phased in to avoid slowing down the mass market.

“Those who have recently paid stamp duty as a buyer and would face paying property tax as a seller in the future would clearly be at a disadvantage.”

The Chancellor is reportedly considering charing National Insurance on rental income, impacting landlords across the nation. The move is supported by some Labour MPs and Government aides, with proponents arguing that landlords represent a means of targeting “unearned revenue”.

Adam Corlett, from the Resolution Foundation think tank, said: “This solution would leave employee tax rates unchanged, but would be a significant step in reducing disincentive to employment.” He added it would also “target pensioners and landlords with higher tax bills because they do not pay national insurance”.

Ben Beadle, chief executive of the National Residential Landlords Association, added: “The private rented sector is a significant driver of labour and social mobility. It enables people to move for work, access higher education, and seize new opportunities – everything the government wants to promote as part of its growth agenda.

Rachel Reeves is reportedly eyeing a bold overhaul of the UK’s savings system, including slashing the annual Cash ISA allowance in half. Industry experts predict she’ll cut the allowance from £20,000 a year to just £10,000.

The Chancellor reportedly wants savers to inject more money into Stocks and Shares ISAs in order to give the economy a much-needed boost. Figures show that slashing the allowance could lead to an extra £7.2billion in investment returns.

Sarah Coles, head of personal finance at Hargreaves Lansdown, said the move would be “one of the biggest shake-ups in the ISA market” since 1999. She added that it could have a “knock-on effect with lenders” as “banks with lower cash deposits can lend less money out for products like mortgages.”

She explained: “For savers, Cash ISAs are often a first port of call when people are starting out, and they’ll often gradually move over into investments as they find their feet.

“Reducing the allowance means savers have less available to transfer into Stocks and Shares ISAs when they become comfortable with investing – effectively reducing investments rather than boosting them. This is an issue which requires a carrot and not the stick approach.

“The barriers to investing are typically behavioural, so it’s through encouragement and increased confidence that could increase the number of retail investors in the stock market.

“This week’s announcement of radical changes to how financial firms are allowed to communicate with clients, through targeted support and changes to the boundary between financial advice and guidance, is a major breakthrough in supporting people to make the first step towards investing.”

The Chancellor is being urged not to impose an exit tax on people emigrating from the UK. Business leaders and investors warn that the move could trigger a mass exodus of wealthy Brits.

Currently, any emigrant can sell off their assets in Britain without paying the 20% capital gains tax. However, Ms Reeves could change this, which will mean they need to pay this levy at the point of departure, with an option to delay the payment.

Business leaders and investors have written to the Chancellor, explaining that the tax would “not only tell founders that their ideas and innovations aren’t welcome, but that they should either get out early or not come at all”.

One of the signatories, Alex Stephany, said he hoped the Government would “capitalise on what they inherited and improve the UK as a place to start and scale a business”. He added: “I don’t think that is happening, I think we’re losing momentum.”