The Chancellor, Rachel Reeves, has confirmed she will deliver the 2025 Budget to the House of Commons on 26th November.
It will be her second Budget since taking office and comes as borrowing costs recently rose to a 27-year high.
In a video message posted this morning Reeves said: “Britain’s economy isn’t broken. But I know it’s not working well enough for working people. Bills are high. Getting ahead feels tougher. You put more in, get less out. That has to change.
“We’ve got huge potential – world-leading brands, dynamic industries, brilliant universities, and a skilled workforce.
“We’re a global hub for trade. Fixing the foundations has been my mission this past year. We raised the minimum wage for three million people. Cut NHS waiting lists. Started tearing up planning rules to build 1.5 million new homes. Promised billions more for the country’s infrastructure. Secured trade deals with the US, India, and the EU. And changed Treasury rules so investment reaches every part of the country.
“But I’m not satisfied. There’s more to do. Cost of living pressures are still real. And we must bring inflation and borrowing costs down by keeping a tight grip on day to day spending through our non-negotiable fiscal rules. It’s only by doing this can we afford to do the things we want to do. If renewal is our mission and growth are our challenge.
“Investment and reform are our tools. The tools to building an economy that works for you – and rewards you. More pounds in your pocket.
“An NHS there when you need it. Opportunity for all. Those are my priorities. The priorities of the British people. And it is what I am determined to deliver.”
Reeves is also under pressure over a £50bn gap in the public finances, raising concerns about possible tax increases.
The Budget will set out the Government’s plans for spending and taxation for the year ahead.
