Rachel Reeves has said the government are likely to raise some taxes in the October budget.
Speaking to the News Agents Podcast, the Chancellor was questioned over her claim that the previous government had left a £22billion 'black hole' in public finances.
"I think we will have to increase taxes in the budgets," she said.
After months of speculation about Labour's stance on tax, Ms Reeves was pushed on which taxes the government would raise.
During her campaign, Ms Reeves promised not to increase major taxes like national insurance, income tax and VAT on "working people."
However, the Conservatives had argued that the Labour government would increase them.
Details have already been announced of how Labour will add 20% VAT to private school fees to fund over 6,000 new teachers in England.
Ms Reeves continued: "I'm not going to write a budget or start to write a budget on this podcast."
The Chancellor reinforced Labour's manifesto commitment, but failed to rule out increases in inheritance tax, capital gains tax, or pension reform.
As a way of addressing the shortfall in public finances, Ms Reeves announced on Monday that a number of infrastructure project's would be scrapped and the winter fuel allowance for pensioners would be means-tested.