UK Chancellor Rachel Reeves is preparing to deliver her second Budget on 26 November 2025, amid sluggish growth (1.2% forecast for 2025), a £62bn deficit, and net debt at 96.4% of GDP.
Constrained by strict fiscal rules and Labour’s pledge not to raise Income Tax, National Insurance, or VAT, Reeves faces limited options to boost revenue without breaching commitments. Speculation points to a range of potential tax policy changes across key sectors as the government seeks to balance fiscal discipline with economic growth.
Against this backdrop, our UK member firm, Travers Smith, has produced a ‘speculation tracker’ highlighting the potential tax measures speculated to be included in the upcoming Autumn budget. You can access the full tracker here.