US EditionChancellor Reeves Raises £26B in Taxes at 2025 Budget
The 2025 Autumn Budget raises £26 billion through extended income tax threshold freezes and new taxes including a £400 million mansion tax and higher gambling levies, says OBR.
- 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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166 Articles
The Chancellor of the Exchequer, Rachel Reeves, unveiled significant tax increases at the presentation of her budget on Wednesday, November 26th. She tried the difficult exercise to reassure both the markets and the Labour officials.
It is also a certain betrayal of the electorate that pushed the Labour Party to power 16 months ago, believing the promise that the government led by Keir Starmer would not raise the IRPF Read
DECRYPTAGE - The Chancellor of the Exchequer presented a high-risk budget this Wednesday under close market surveillance. Rachel Reeves announced £26 billion in tax increases as growth forecasts are revised downwards.
The Labour Government has presented its draft budget – it foresees strong tax increases. Finance Minister Reeves defended it as fair and necessary.
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