John Healey will try to pull the wool over your eyes, but don't be fooled. Here's what the Budget will bring

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As borrowing costs spiral before the Budget, ministers insist ordinary taxes won't rise while quietly reaching for everything else you own, writes the former Chief of Staff to the Chancellor

Despite all their promises for fiscal responsibility, once again Labour have made a mess of the public finances. On 28 October, they will try to pull the wool over your eyes and pretend it's not their fault.

That's when the new Chancellor, John Healey, delivers his first Budget next month with the bond markets breathing down his neck. The interest rate on ten-year Government debt hit 5.25 per cent this month, the highest since the 2008 financial crisis (when Andy Burnham was second-in-command at the Treasury…). The consultancy Capital Economics reckons those borrowing costs have wiped roughly £10billion off the "headroom" (contingency) the Treasury thought it had in the spring.

That means one thing. Much like winter in Game of Thrones - tax rises are coming.

The Prime Minister Andy Burnham insists the manifesto still stands: no rise in income tax, National Insurance, or VAT. That sounds comforting until you notice what the promise leaves out, which is nearly everything else you own.

Let's start with your pay. Income tax thresholds are frozen until April 2031, so every pay rise that keeps up with inflation drags more of your money into higher bands.

That's a huge tax rise - roughly £25billion a year for the Treasury, and around three million more people will be paying the 40p rate by 2029.

Second, your savings. From next April, the amount you can put into a cash ISA is capped at £12,000 unless you are over 65, and tax rates on savings and property are already due to go up.

But the rumour mill suggests that Labour will extend National Insurance to investment, property, AND pension income, worth some £22billion a year, levied on people who thought they had already paid their share.

Speaking of your pension… Labour are once again greedily looking at the 25 per cent tax-free lump sum, the pot of up to £268,275 that savers have planned entire retirements around. Every Chancellor looks at this raid, and most back away once they meet the people it would hit. Whether Healey backs away depends on how frightened of both the bond market and high-likelihood voters he is.

Will you at least be safe in your own home? An Englishman's home is his castle, after all. Well, there is loose talk in Labour circles of replacing council tax and stamp duty with an annual levy on the value of your home, payable forever, whether or not you ever sell it.

Oh, and fuel duty rises by 3p a litre in January and another 2p in March, so you won't be able to get in your car and flee that Chancellor as easily.

None of this is settled yet, and six weeks of speculation brings its own cost from nervous markets, not to mention anyone with a pension or a mortgage.

Andy Burnham arrived in Downing Street in July as the people's champion, the man from Manchester who cared about people with pensions and payslips.

It turns out the only thing he cares about is how much of each he can steal in tax and inflation. We shall see at the Budget how brazen he is willing to be to get his hands on both.