Economics viewpoint Reeves must quell tax talk and show her hand

The cruel summer of speculation is here.

- Richard Partington

Barely a day passes without Rachel Reeves waking to another newspaper headline about possible tax-raising options for her autumn budget.

After the bonanza of June's spending review, the chancellor had been warned that uncertainty about the public finances would set tongues wagging. Britain's economy has far from shot the lights out since, the global backdrop remains fairly bleak, borrowing costs are high and inflationary pressures are building.

This week marks the point at which November becomes the earliest date the chancellor can hold her budget, given the 10 weeks' notice she must provide for the Office for Budget Responsibility (OBR) to prepare its forecasts.

Between now and then will feel like a near carbon copy of Labour's first months in office, packed with rumours about a tax-laden autumn budget, only worse: this time the feelgood spending decisions have already been announced.

Within the Treasury, officials are running the rule over several options. However, forecasters are unclear about just how much needs to be done, causing a headache for Labour by sending the rumour mill into overdrive.