Autumn Budget Briefing (2025)

Summary

Since the summer, the Government has floated a huge array of tax rises, from landfill tax, an exit tax for those taking their wealth abroad, and hikes to income tax. Most strikingly Chancellor of the Exchequer, Rachel Reeves held an unprecedented, ‘doomerish’ press conference, hinting at tax rises, only to U-turn a few days later when she received better forecasts from her fiscal watchdog.

Manifesto promises not to raise taxes have been described as a ‘fiscal straitjacket’ and without raising one of the big four taxes or cutting public spending, this budget introduces a going ‘smorgasboard’ of stealth taxation, raising just enough revenue to not make the gilt markets wobble, and with just enough spending to placate Labour MPs.