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2w ago

Reeves Sets Autumn Budget for November 26, Commissions OBR Forecasts

Market pressure over higher borrowing costs sharpens the hunt for asset-based revenue within Labour’s tax pledge.

Britain's Chancellor of the Exchequer Rachel Reeves leaves from number 11 Downing Street following a cabinet meeting at number 10, in London, Britain, September 2, 2025. REUTERS/Toby Melville/File Photo
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Overview

  • The Treasury confirmed the Budget will be on 26 November 2025 and that the Office for Budget Responsibility has been given the required 10 weeks’ notice to produce forecasts.
  • Long-term UK gilt yields have reached their highest levels since 1998, signaling heightened investor scrutiny of the public finances.
  • Independent estimates point to a sizeable medium-term shortfall, commonly around £40–£41 billion and in some analyses up to roughly £51 billion.
  • Rachel Reeves has restated the promise not to raise income tax, employee national insurance or VAT on working people and has said she will not repeat last year’s roughly £40 billion tax hike.
  • Reporting says revenue options under consideration include higher capital gains tax, inheritance and property levies, a gambling duty and national insurance on rental income, with the late Budget timing intended to let OBR forecasts reflect planning reforms and prospective trade deals.