November 26th 2025
Autumn Budget 2025: Departmental Breakdown
This afternoon, Chancellor Rachel Reeves set out the details of her second Budget. Reeves announced £26bn of taxation increases across property, income, and pension contributions, in order to fund measures to tackle cost-of-living challenges, boost welfare support, and expand the Treasury’s fiscal headroom.
The Chancellor called the Budget a move towards a “fairer, a stronger, a more secure Britain” – pointing out that it increases public spending whilst keeping within her self-imposed fiscal rules, by asking wealthier members of society to contribute more. She was criticised by Opposition leader Kemi Badenoch however, who accused the Chancellor of favouring benefits claimants at the expense of working people, whilst Liberal Democrat Leader Ed Davey warned “you can’t tax your way to growth.”
The Office for Budget Responsibility, who accidentally leaked key measures in the Budget earlier in the day, also set out revised growth forecasts for the UK. They announced real GDP is forecast to grow by 1.5% per year on average over the next five years, 0.3 percentage points slower than projected in March, due to lower underlying productivity growth. They also said borrowing is projected to fall from 4.5% of GDP in 2025-26 to 1.9% of GDP in 2030-31, but that debt will rise as a share of GDP from 95% of GDP this year and end the decade at 96% of GDP – two percentage points higher than projected in March.
A full list of announcements from today’s Budget is below.
