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Andy Burnham has not ruled out a wealth tax, suggesting his incoming government may have "to ask for a little more" tax at some point.
Burnham, who is due to become prime minister on Monday, was asked whether he was considering a wealth tax in an interview, external with former footballer and Match of the Day presenter Gary Lineker.
The Labour MP said he would take time to review the state of the public finances and wanted to focus on "bringing people together" rather than creating "new divisions".
"I'm not going rule things out right now," Burnham said. "I do believe we need a greater sense of fairness."
The former Greater Manchester mayor said "decisions to be taken in time" were "going to be difficult".
"I'm not going to shy away from that," Burnham said. "You know, we are going to have to work quite hard to make sure, you know, we can pay our way.
"And at some point that might be having to ask for a little more. But, you know, those decisions are not for now. They're for another day."
Burnham has not set out in detail what tax policies he would pursue since he declared his intention to replace Sir Keir Starmer as Labour leader and prime minister, following his by-election win in Makerfield last month.
He has given a few clues in interviews, including one with LBC, in which he said he felt there was "some room" for movement on tax.
Burnham suggested business rates on warehouses could be increased to fund tax cuts for pubs and some high-street businesses.
But the Makerfield MP said he would stick to the pledges Labour made not to raise VAT, income tax or national insurance in its general election manifesto in 2024.
With options for raising revenue limited outside of these manifesto commitments, some Labour MPs on the left of the party, economists and campaigners have suggested a tax on wealth.
One proposal - backed by Oxfam and Tax Justice UK among others - is a 2% levy on assets over £10m.
The Green Party of England and Wales backs a similar policy, a wealth tax of 1% annually on assets above £10m and of 2% on assets above £1bn.
Reform UK's Treasury spokesman Robert Jenrick said Burnham had admitted "people will have to pay more in tax" in his interview with Lineker.
"He should rule out the ten taxes - £3,450 for every family - he's previously supported but has no mandate for," Jenrick wrote in a post on X.
Conservative leader Kemi Badenoch said Burnham was not even prime minister yet "but he's already talking about raising your taxes again".
"We are heading for another summer of chaos with Labour obsessing about who they can tax to pay for more benefits," Badenoch said.
