Autumn Budget 2025 live commentary
The Chancellor of the Exchequer Rachel Reeves has delivered her Autumn Budget, read our live commentary from our experts.
"We welcome the Government’s continued focus on playing to our industrial and sectoral strengths across our global, national, and regional manufacturing base and supply chain. Investment in advanced manufacturing and across regions is a positive step towards supporting economic and inclusive regional growth and delivering on the Industrial Strategy."
Cara Haffey, Leader of Industry for Industrials and Services, PwC
3:05pm 26 November 2025
"The reversal of last year’s ‘giveaway’ that there would be no extension to frozen income tax thresholds beyond 2028 means a further five years of fiscal drag which will continue to hit the public in the pocket. This, compounded by the increase in Employers’ National Insurance Contributions last year, means that nearly a quarter of taxpayers will be paying the higher rate by 2030."
Christine Cairns, Tax Partner, PwC
2:50pm 26 November 2025
"It’s important for business to have the continued commitment to the tax roadmap and a budget of no major tax policy surprises as they absorb the financial cost of April’s Employer NI increase. Big questions do remain on some of the larger tax policy levers that could be pulled to support economic growth for the medium- to long- term to realise the potential in the UK economy."
Colin Graham, Head of Tax Policy, PwC
2:37pm 26 November 2025
The Budget may be over, but our coverage isn't. Over the course of the next few hours, you can find commentary from our sector and area leaders as they respond formally to this year's Autumn Budget.
2:05pm 26 November 2025
Increases in National Minimum Wage rates released, with higher percentage for those aged 18 to 20. It creates an uptick in costs for many employers, and may impact the ability of certain employee groups to benefit from salary sacrifice in the short term and before the changes previously announced come into effect.
1:43pm 26 November 2025
"The anticipated "mansion tax" has been introduced in the form of a new high value council tax charge on properties worth more than £2m. This is a reform of the council tax system aimed at balancing inequality across different regions, and is expected to hit London and the South East where property values are higher."
Christine Cairns, Tax Partner, PwC
1:29pm 26 November 2025
"This Budget has not been short of surprises. The biggest was that the downgrade to the economic forecasts was far smaller than anticipated. The Chancellor could have chosen to sit tight, but instead has delivered a substantial package of tax rises to fund some extra spending and to bolster the fiscal headroom. Crucially, a larger cushion against her fiscal rules will reduce the likelihood of further fiscal tinkering in the next Budget. Think tax and save, rather than tax and spend."
Jake Finney, Senior Economist, PwC
1:24pm 26 November 2025
As expected, there's an announcement on capping NIC relief on pension salary sacrifice. The deferral of introduction until 2029 will allow employers to manage this change after fully understanding the impact for their workforce.
1:23pm 26 November 2025
Behind the scenes of our coverage.
1:20pm 26 November 2025
Fiscal drag to impact for a further 3 years beyond 2028, longer than the two year extension that was speculated.
1:17pm 26 November 2025
"Some targeted announcements to try and tackle economic inactivity should help boost productivity. Including support for small businesses to facilitate skills for the future."
Paula Letorey, Workforce Tax Partner, PwC
1:14pm 26 November 2025
The OBR has lifted its growth call for 2025 from 1% to 1.5%, reflecting a stronger-than-expected start to the year. However, already slipping momentum and weaker productivity assumptions have left the medium-term outlook looking worse, not better.
12:56pm 26 November 2025
Amidst income tax increases, the Chancellor has announced an extension to Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) schemes. This will provide additional scope for income tax deductions for investors.
12:49pm 26 November 2025
The Chancellor has confirmed she has increased the fiscal headroom from £10bn to £22bn. Though this will carry more short-term economic pain, it will reduce the likelihood of more fiscal tinkering in the next Budget.
12:43pm 26 November 2025
Here is the full list of tax rises in this Budget, as leaked by the OBR document:
- Freezing income and NI thresholds until 2030: £8 billion
- Pension salary sacrifice: £4.7 billion
- Dividend, property, savings tax rise: £2.2 billion
- Changes to corporation tax: £1.5 billion
- Pay-per-mile scheme: £1.4 billion
- Gambling tax: £1.1 billion
- Capital gains on trusts: £900 million
- Council tax rise on homes worth more than £2 million: £400 million
- Tackling tax avoidance: £2.3 billon
- Other measures: £4.4 billion
12:35pm 26 November 2025
The Chancellor is now delivering the Budget.
12:30pm 26 November 2025
The Chancellor faces three main choices. First, on the level of the headroom she opts for, whether thin or thick. Second, the mix of policies in terms of tax, spend or both. And third, on whether she chooses a narrow suite of revenue raising measures or goes more broad-based.
In short, this will not be a Budget of numbers, but a Budget of choices: how thin a cushion, how bold a move, and how balanced a mix?
11:50am 26 November 2025
Our economics team have outlined the challenges and choices the Chancellor must consider.
Read our full pre-Budget briefing
11:30am 26 November 2025
Welcome to Budget Day. Stay tuned for updates throughout the day as our economic and tax experts share live views and insights on today's speech.
11:15am 26 November 2025
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