Overview
- Rachel Reeves will present the Autumn Budget on November 26, outlining tax, borrowing and spending plans alongside updated OBR forecasts.
- Official data show unemployment rose to 5% in the three months to September and wage growth slowed, reinforcing expectations of easing inflation and possible rate cuts.
- Economists estimate £35–45bn of consolidation is needed by 2029–30, with analysis suggesting roughly two‑thirds of the burden could fall on households through measures targeting higher earners, landlords, pensioners and expensive properties.
- Market watchers caution that credibility of the revenue plan will be pivotal, warning that reliance on small or uncertain tax rises could lift gilt yields, weaken sterling and raise borrowing costs.
- Reports say energy options under consideration include scrapping the 5% VAT on electricity bills and ending the energy profits levy earlier than planned, though no decisions have been confirmed.