Six big changes to expect from Reeves' Budget and how they'll impact your finances

"Chancellor Rachel Reeves has set the scene for tax rises in her autumn Budget on 26 November and everyone from homeowners to pension savers could be in her sights. High inflation and an estimated 30bn fiscal shortfall are putting pressure on the government and ultimately the nation's finances. Reeves said in a speech in Downing Street earlier this month that each of us must do our bit for the security of our country and the brightness of its future."

"This has been seen as a sign of tax rises to come, especially as the chancellor suggested that she had to deal with the world as I find it, not the world as I might wish it to be. The rumour mill has been running for months and with just two weeks to go until the latest fiscal update, here are the key policy changes expected in the Budget and how they might impact your finances."

Chancellor Rachel Reeves signalled potential tax rises in the autumn Budget on 26 November amid high inflation and an estimated £30bn fiscal shortfall. The government faces pressure to shore up public finances, prompting suggestions that everyone may need to contribute to fiscal security. Labour previously pledged not to raise income tax, national insurance or VAT, but employer NI was increased in the 2024 Budget and an income tax hike is now expected. Rumours include a 2p income tax rise paired with an employee NI cut, a change that could raise billions and shift burdens across taxpayers.

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