Autumn budget 2025

On Wednesday 26 November, Rachel Reeves delivered her second budget as chancellor. Taxes were raised to an all-time high as a share of GDP, as the chancellor increased the headroom against her fiscal rules to £22bn. However, many of the planned tax rises and spending cuts are due to come in at the end of the parliament or beyond.

Following the budget, the IfG's expert team reviewed what it will mean for living standards and public services, and whether there was any evidence of an underlying tax strategy.