Rachel Reeves has admitted she was “wrong” to say during the election campaign that she would not need to raise taxes but insisted further increases will not be needed. On June 11, the chancellor said she would not need to raise taxes beyond the increases already set out in the Labour Party’s manifesto. However, in Wednesday's Budget, she announced £40bn of tax rises including increases to employers’ national insurance contributions and changes to inheritance tax and capital gains tax. Ms Reeves told Sky News’s Sunday Morning with Trevor Phillips she had been “wrong” because she did not “know everything” about the state of public finances.