Following months of speculation, the Chancellor of the Exchequer Rachel Reeves has delivered her second Autumn Budget. Read a breakdown from our tax experts below. Against a backdrop of elusive economic growth, increasing public debt and stubbornly high inflation, and alongside the Government’s manifesto pledge not to increase National Insurance, rates of Income Tax or VAT for “working people”, the Chancellor was left with little room for manoeuvre. Rather than pull any of the big (and simpler) tax “levers”, the Chancellor opted for a relatively large number of smaller, in many ways more complex, measures, principally raising revenue from individuals.
Source: Autumn UK Budget 2025: Insights and Analysis