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'It's a stealth tax': Martin Lewis responds to Rachel Reeves' budget
Martin Lewis highlights a £150 annual energy bill drop and a 3p-per-mile EV surcharge starting 2028 amid UK Budget tax and duty changes.
- On Wednesday, November 26, 2025, Martin Lewis, money-saving expert, reacted to Chancellor Rachel Reeves' Budget, identifying three wins amid many losses and analysing impacts on savings, energy, and telecoms.
- Explaining the change, Martin noted the UK Government is moving energy levies into general taxation and removing the 'eco scheme', intending for suppliers to pass savings to consumers next year.
- Numbers suggest electricity unit rates could fall by around 3.4p and gas by 0.3p per kWh, cutting about £150 a year off a typical energy bill, while electric vehicle owners face a 3p-per-mile surcharge.
- On savings, Lewis warned that the new limit will be cut to 12,000 for under-65s, while over-65s retain a 20,000 cash ISA limit, a carve-out he said makes sense.
- After the Budget, the Office for Budget Responsibility apologised for the early upload and launched an investigation reporting to the Treasury and its committee, with Chancellor Rachel Reeves stating, `The Chancellor has confidence in Richard Hughes.
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Total News Sources11
Leaning Left3Leaning Right1Center6Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
L 30%
C 60%
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