OPINION - The Standard View: Labour's tax promises mean Rachel Reeves is operating with one hand tied behind her back

Virtually all new Chancellors raise taxes in their first Budget. But few plan to do so by quite as much as Rachel Reeves. The much-vaunted £22 billion fiscal blackhole seems to be growing ever wider, with reports swirling that the Chancellor is seeking to raise up to £40 billion in taxes to balance the books, protect some departments and fund higher public sector pay deals.