When asked on Sky News whether she can rule out rises to capital gains tax (CGT) and inheritance tax (IHT) at the Budget on 30 October, Reeves said: ‘I’m not going to write a budget two months ahead of delivering it, we’re going to have to make difficult decisions in a range of areas.

‘On spending, on welfare, on tax, we’re going to have to make a series of difficult decisions, but I’ll set out that detail in the right and proper way on the 30 October at that Budget.’

After Starmer admitted the upcoming budget would be ‘painful’, Reeves continued to blame the ‘£22bn black hole for this year’ left by the Conservative Party, which the Chancellor said was ‘covered up by the previous Conservative government’.

On 29 July Reeves announced the cut to the Winter Fuel Allowance from all but the lowest-earning pensioners, but many now believe CGT, corporation tax and IHT will be in the Chancellors' crosshairs come 30 October.

Paul Lodder, VP of accounting product strategy at Dext said: ‘As the budget approaches, the pressure on accountants will intensify, as they work to stay ahead of legislative changes—whether they relate to pensions, capital gains tax or corporation tax modifications—and understand how these changes will affect the businesses and individuals they support.

‘Keeping up with such changes is time-intensive which is where technology can play a crucial role. For accountants and bookkeepers, this means growing pressure to provide timely and accurate advice on how the measures in the autumn Budget will impact their clients.

‘The prospect of reduced government spending, coupled with potential tax increases, raises significant concerns that existing support measures for businesses, such as the Budget for Long-Term Growth, may be scaled back or eliminated.’

Growth of the economy is obviously on the agenda for Reeves which she intends on prioritising technology, manufacturing and research to ‘break out of this doom loop’.

Lodder said the advancement of technology will be key for accountants going forward: ‘The value of automation cannot be overlooked in saving accountants valuable time, allowing them to focus less on manual tasks and more on delivering strategic advice to businesses and individuals - and amid such economic certainty, this is more important than ever.

‘With data based and artificial intelligence (AI) driven technology, accountants can access the most up-to-date and accurate financial data, enabling them to provide better guidance to help clients make quick, informed decisions.

‘By embracing technological innovation and underlining the value of accountants, both accountants and their clients will have the best chance at remaining resilient in the face of economic uncertainty.’