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Chancellor Reeves Raises £26B in Taxes at 2025 Budget
- On Wednesday, November 26, 2025, Rachel Reeves, Chancellor of the Exchequer, presented the Autumn Budget raising taxes by £26 billion in 2029-30, according to the Office for Budget Responsibility.
- Constrained by party and market pressure, Chancellor Rachel Reeves faced Labour backbenchers' resistance to spending cuts and lenders' nervousness, forcing tax increases over borrowing or deep cuts.
- The OBR analysis shows freezing income tax thresholds and National Insurance thresholds until 2030/31 will raise receipts by £14.9 billion, with nearly one million new basic-rate taxpayers and 790,000 extra higher-rate taxpayers.
- For example, someone earning 50,000 may pay about 15,000 by 2029-30, with combined income tax and National Insurance rising 1.5 percentage points due to fiscal drag.
- Looking ahead, OBR forecasts indicate public debt will rise from 95% of GDP to 96.1% by the end of the decade, while 10.1m higher-rate taxpayers are expected by 2030 amid threshold freezes.
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An OBR report was accidentally published too early. It shows new tax increases in billions. Finance Minister Reeves had excluded further increases in the previous year.
·Vienna, Austria
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Total News Sources119
Leaning Left21Leaning Right14Center54Last UpdatedBias Distribution61% Center
Bias Distribution
- 61% of the sources are Center
61% Center
L 23%
C 61%
R 16%
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