Young professionals are the hardest-hit by this punitive Budget November 27, 2025 For anyone still tempted to believe Rachel Reeves has stuck to her manifesto promise not to put taxes up on working people, let me disabuse you of the notion. As the OBR pointed out yesterday, by 2030 there will be more than 10m people dragged into paying higher rates of income tax compared to 2023, [...]
Thanks to Reeves, our economy is now a 20 mile per hour zone November 27, 2025 If, on Wednesday morning, you’d asked me how this entire Budget process could ever get more chaotic and absurd I might have said “I suppose the entire thing could leak, before the Chancellor delivers it.” Then again, I probably wouldn’t have suggested such an implausible scenario. But at 11.44am yesterday morning, just ten minutes before [...]
Autumn Budget: Pay-per-mile tax ‘completely wrong move’ November 26, 2025 Chancellor Rachel Reeves has hit electric vehicles with a pay-per-mile tax which will cost the average driver £255 per year and raise £1.1bn for the Treasury. Reeves delivered the expected 3p pay-per-mile tax for electric vehicles (EVs) at today’s Budget, which she framed as a fairness measure to balance the costs facing drivers. The OBR, the independent fiscal [...]
Autumn Budget: Don’t let OBR gaffe mask Labour’s own mistakes November 26, 2025 The OBR's mistake was spectacular but accidental. The same can't be said for Labour, whose Budget missteps will do nothing to shift the economy.
Autumn Budget: Reeves splurges £12bn on welfare as two-child benefit cap ditched November 26, 2025 The UK’s fiscal watchdog has forecast welfare spending to soar over the next few years after the Labour government ditched plans to reform the welfare state. The Office for Budget Responsibility (OBR), which accidentally published its report before the Budget, has said welfare spending will rise by £12bn in the fiscal year 2029-30, when compared [...]
OBR warns Budget leaves UK ‘vulnerable’ as tax burden hits all-time high November 26, 2025 The UK’s public finances have been left in a vulnerable position, the UK’s fiscal watchdog has warned in a damning verdict of Rachel Reeves’ Budget. In a report accidentally published before the Budget was announced, the Office for Budget Responsibility said Reeves’ spending plans leave the UK spending more on debt interest than at almost [...]
Budget: Income tax thresholds frozen by Rachel Reeves November 26, 2025 Income tax thresholds will be frozen until the end of the decade, despite the Chancellor previously branding the tax trick as a “stealth tax” tantamount to “pickpocketing”from working people. According to the OBR’s unprecedented leak of Budget contents, the Chancellor chose to freeze the bands at which different rates of income tax are introduced for [...]
Budget: Stealth tax raid making some earners £3,800 worse off November 26, 2025 Freezing income tax thresholds is set to make a worker earning the median wage as much as £2,310 worse off had the measure never been introduced as Chancellor Rachel Reeves looks set to unleash a stealth tax raid at the Autumn Budget. Analysis by Quilter has revealed that extending the current freeze alone will add an [...]
City readies up for Labour’s borrowing spree November 26, 2025 Fixed income investors are readying for the Debt Management Office (DMO) to boost its gilt issuance for the current financial year, otherwise the level of UK government debt sold to traders, as the Labour government ploughs ahead with its borrowing spree. The DMO, an independent government body that oversees the sale of UK government bonds, [...]
Autumn Budget Live: Wealthy, landlords and pensions hit in £26bn tax raid November 26, 2025 Welcome back to the City AM liveblog. In a shocking turn of events the UK fiscal watchdog has accidentally released the economic forecasts – intended to be published after the Budget – before the Chancellor even took to the despatch box. Rachel Reeves has raised taxes by £26bn in her second Budget, which follows on [...]