Autumn Budget: when is the 2025 UK Budget date, what will be announced - why is Rachel Reeves under pressure?

• Rachel Reeves will deliver the 2025 Autumn Budget on Wednesday, November 26
• The Chancellor faces economic pressure from inflation, borrowing costs, and slow growth
• Possible measures include changes to property, inheritance, and landlord taxes
• Businesses warn tax hikes could hit jobs and living standards
• Reeves aims to boost productivity through infrastructure investment and planning reforms

Chancellor Rachel Reeves has confirmed the date on which she will present her 2025 Autumn Budget, giving the Office for Budget Responsibility (OBR) the required ten weeks’ notice to provide its independent economic forecast.

The Budget, the second to be delivered by the current Labour administration, comes at a challenging time for the Government, with inflation, borrowing costs, and sluggish growth putting pressure on the Treasury.

In a recent video, Reeves said that Britain’s economy “isn’t broken” but acknowledged it “is not working well enough for working people,” citing high bills and the struggle to get ahead.

When will the 2025 Autumn Budget be delivered?

This year’s Autumn Budget will be delivered on Wednesday, November 26, with the OBR expected to publish its forecast around mid-November.

What to expect from the Autumn Budget

A range of measures are reportedly under consideration to address the UK’s fiscal challenges, including potential tax changes targeting high-value properties and inheritance.

Options being discussed include scrapping the capital gains tax (CGT) exemption for expensive homes, reforming inheritance tax rules, and introducing a national property levy to replace stamp duty on homes worth over £500,000.

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Officials are also exploring a tax on landlords’ rental income, potentially raising around £2 billion.

The Treasury has said it will seek to avoid raising income tax, VAT, or employee National Insurance contributions, focusing instead on measures that expand the tax base without breaching these pledges.

But analysts warn that, despite lower-than-expected borrowing in July, a £41 billion shortfall on the Chancellor’s self-imposed fiscal rule could leave a funding gap of up to £51 billion, meaning some combination of tax increases and spending cuts may be necessary.

Businesses have also weighed in, with the British Retail Consortium warning that further tax rises on employers could undermine the Government’s goal of higher living standards.

Retailers including Tesco, Sainsbury’s, and Boots have cautioned that rising costs are already forcing price increases, staff freezes, and other adjustments.

Meanwhile, the oil and gas sector is urging reform of the energy profits levy, suggesting a revised system could unlock £137 billion in long-term investment while supporting domestic energy production.

Productivity remains another key focus, and Reeves has emphasised infrastructure investment and planning reforms as tools to boost the economy’s productive capacity, aiming to ensure that workers’ efforts translate into higher incomes and opportunities across the country.

Why is Rachel Reeves ‘in trouble’?

As mentioned, this Budget comes at a challenging time for the Government, with Reeves facing political pressure as well as economic challenges.

The Chancellor’s authority was called into question following a recent Downing Street reshuffle that moved her deputy, Darren Jones, into a new role as chief secretary to the Prime Minister.

While No 10 insists Ms Reeves’ role has not been diminished, critics have interpreted the changes as undermining her position.

Market jitters have also compounded her troubles. Long-term UK government borrowing costs recently surged to 27-year highs, with gilt yields hitting 5.698%, while sterling fell against both the dollar and the euro.

These movements signal investor concern over the Government’s ability to stick to its borrowing rules, increasing pressure on the Chancellor to reassure markets.

Opposition MPs are actively challenging her too, with the Conservatives tabling Commons votes urging the Government to rule out property tax rises and other measures they describe as punitive, highlighting potential voter backlash if family homes are taxed further.

Labour ministers argue that stabilising public finances and investing in services remains their priority, but Reeves will need to navigate political and economic headwinds carefully.

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