Tue, 04 Nov 2025

Tue, 04 Nov 2025 Budget will be 'fair' says Reeves as tax rises expected

The chancellor is expected to roll the pitch for a difficult Budget as economists predict tax rises on 26 November.

* Chancellor Rachel Reeves will deliver a speech from Downing Street on Tuesday, where she is expected to announce that her upcoming Budget will focus on "fairness and opportunity".
* Economists predict Reeves will raise taxes in her Budget, despite Labour's pledge not to hike income tax, VAT or National Insurance.
* The Resolution Foundation think tank has said tax rises are "inevitable" as Reeves tries to balance the books.
* Reeves' speech is expected to address speculation around her plans and outline the principles guiding her choices.
* The Chancellor will pledge to bring down NHS waiting lists, the national debt, and the cost of living through the Budget.
* Labour's Prime Minister Sir Keir Starmer said the Budget would be "a Labour Budget built on Labour values" and that the government would make "tough but fair decisions".
* The Resolution Foundation has suggested raising income tax as a way to raise cash, while offsetting it with a 2p cut to employee national insurance.
* The Office for Budget Responsibility is expected to downgrade its productivity forecasts for the UK, adding up to £20bn to the amount Reeves will need to find in her Budget.
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