Reeves to repeat ‘once in a parliament’ Budget raid, City predicts
Update: 2025-10-29
Description
Rachel Reeves, the Chancellor, is expected to unveil another significant Budget on November 26th, potentially raising over forty-one billion pounds through tax hikes and spending cuts. This comes after she previously dismissed the idea of a similar Budget as a one-off measure. The pressure is on as Labour struggles to reduce government spending, with tax rises likely to bear the brunt of the burden. Reeves may need to break promises to keep income tax rates unchanged, and businesses are already warning of their inability to withstand further tax increases. Households are also bracing for potential tax hikes, with savings reaching over two trillion pounds. Economists warn that a repeat Budget could slow down economic growth and make the next year challenging for both households and businesses.
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