The Autumn Budget will be delivered on 26 November, but the Chancellor’s recent speech in Liverpool has already given us some useful clues about what could be on the table.
Chancellor Rachel Reeves set the tone when she said:
“We will face further tests, with choices to come, made all the harder by harsh global headwinds and long-term damage to the economy, which is becoming ever clearer.”
🍂 What’s Behind the Cautious Message?
Her comments point to two big challenges:
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🌐 Global headwinds – trade tensions, ongoing conflicts, and higher interest rates driving up costs.
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📉 The UK’s productivity problem – the Office for Budget Responsibility (OBR) is expected to release a critical reassessment of the UK’s long-term productivity performance.
💬 In short: Don’t be surprised if taxes rise, and don’t expect many giveaways this time.
💷 How Might Taxes Be Raised?
It’s looking likely that there will be no major changes to the headline tax rates — Income Tax, National Insurance, and VAT.
When asked whether VAT could rise, Reeves said: “The manifesto commitments stand.”
She also emphasised her intention to protect pay packets and avoid pushing up shop prices, which makes a direct VAT hike less likely.
But… she hasn’t ruled out other ways to increase revenue 👇
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🧊 Keeping tax thresholds frozen – as wages rise with inflation, more people and businesses are pulled into higher tax bands.
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🏠 Reviewing reliefs – pensions, housing-related tax breaks, and other business incentives could be “reassessed” (or framed as closing loopholes).
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📊 OBR forecast changes – Reeves may shift the legally required OBR forecasts from twice a year to once, to reduce mid-year speculation that can unsettle markets.
🧭 What This Could Mean for You
We’ll know the full picture once the Budget is announced on 26 November, but early signs suggest this will be a steady-as-she-goes Budget — focused more on stability and plugging fiscal gaps than on big giveaways.
✅ What you can do:
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Stay alert to the announcements.
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Be ready to adjust your planning once details are released.
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Reach out for personalised tax or business advice if you’d like help preparing for potential changes.
📞 As always, we’re here to help you navigate what’s next.
🔗 Source: BBC News – Autumn Budget 2025 coverage