UK Chancellor Jeremy Hunt yesterday confirmed what cash-strapped Britons were fearing - everyone is going to have to pay more tax.
Full details are to be announced in Thursday's Budget.
Offering a message few ministers would risk saying out loud, Mr Hunt told the BBC: "I've been explicit that taxes are going to go up."
He also said he would be giving details about further help for those struggling with energy bills, but warned there had to be constraints on help.
Labour accused the Conservatives of making a "total mess" of the economy.
Shadow chancellor Rachel Reeves said Mr Hunt was choosing to tax working people, while doing "little to close tax loopholes which mean some of the wealthiest don't pay their fair share".
Spending cuts too
The BBC has been told the chancellor is to announce spending cuts of about £35billion and plans to raise £20billion in extra taxes.
It comes as the UK faces major economic challenges, with soaring living costs and a warning from the Bank of England that the country is facing its longest recession since records began.
It also follows the mini-Budget of former Prime Minister Liz Truss and her then chancellor, Kwasi Kwarteng, which led to market turmoil and a jump in government borrowing costs. Many of those policies have since been reversed by Mr Hunt.
Independent forecasts have identified a gap of around £55billion in the public finances - although some economists have questioned the size of the "black hole".
Speaking to the BBC, Mr Hunt acknowledged his plans would "disappoint people" - but he promised to protect the "most vulnerable".
"We have a plan to see us through choppy waters...we will make the recession we are in as short and shallow as possible."
No guarantee of extra cash
It is clear that public services are in for a hard time - with no guarantee there'll be extra cash to help them to cope with the costs of inflation.
Some Conservatives MPs have warned against increasing taxes, with former party leader Iain Duncan Smith warned it could lead to a "deeper" recession.
With the Conservatives significantly behind in the polls, Mr Hunt and Prime Minister Rishi Sunak face a challenge in getting public backing for their proposals.
The chancellor also made clear that the support people were receiving for energy bills would come to an end for many.
The energy price guarantee had been due to last for two years, but after taking over from Mr Kwarteng, Mr Hunt announced it would expire in April.
The Chancellor said he would set out what further support would be given to those struggling on Thursday.
However, he emphasised that future help had to be done on a sustainable basis and there would have to be some constraints.
Asked if he was ditching the energy plan set out by former Prime Minister Boris Johnson, the chancellor said he admired Mr Johnson's big visions, but added there were elements of "cakeism" - a reference to the phrase: "Have your cake and eat it."