Chancellor hints at potential tax hikes in Autumn Budget

Rachel Reeves confirms Autumn Budget on 30 October

Isabel Baxter
clock • 2 min read

Chancellor Rachel Reeves has suggested that the next budget will involve tax rises and cuts to spending and benefits.

In her speech addressing parliament yesterday (29 July), Reeves confirmed that she will be holding a budget on 30 October. It will involve taking difficult decisions to meet the government's fiscal rules across spending welfare and tax, Reeves confirmed. She has promised that it will be "a budget to fix the foundations of the economy". Reeves pledges not to raise working taxes Despite the hint at difficult decisions, Reeves reiterated her pledge not to raise National Insurance, basic higher or additional rates of income tax and value added tax - but said there will be "challengin...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

Isabel Baxter
Author spotlight

Isabel Baxter

Senior Reporter at Professional Adviser

More on Tax planning

Farming families must be proactive on advice ahead of APR/BPR change

Farming families must be proactive on advice ahead of APR/BPR change

‘The difficult conversations need to happen now’

Sahar Nazir
clock 03 April 2025 • 6 min read
Business' tax year planning – a reminder on carry forward

Business' tax year planning – a reminder on carry forward

'The carry forward rules can be difficult to navigate'

Caitlin Southall
clock 31 March 2025 • 4 min read
Tax year-end/tax year-start: Unfounded fears and enormous upside

Tax year-end/tax year-start: Unfounded fears and enormous upside

'Clients are tuned in to tax efficiency'

Phillip Wickenden
clock 27 March 2025 • 5 min read