When is the Autumn Budget & What Could It Include?

Chancellor Rachel Reeves will deliver this year’s Autumn Budget on 26 November.

The budget is expected to set out her economic plans and key tax and spending measures for the coming year. Given the speculation that raising revenue will be necessary to meet the government’s fiscal rules, people from all walks of life are worried that the budget will bring tax hikes.

Since the ruling party had pledged during the 2024 general election not to raise Income Tax, National Insurance or VAT, landlords and property investors are worried that could bring tax rises in their sector, namely property transactions and rentals.

What is the Autumn Budget?

The Autumn Budget is the government’s primary opportunity each year to outline how it will raise revenue through taxation and allocate funds for public services. Decisions affecting health, education, policing and wider public spending are typically included.

The budget is presented to MPs in the House of Commons on the designated date at around 12:30 UK time, after Prime Minister’s Questions. On the same day, the Treasury also publishes detailed documents explaining the budgetary measures and their financial impact.

The Office for Budget Responsibility (OBR) also releases an independent assessment of the state of the UK economy at the same time, providing forecasts on growth, borrowing and public finances. Following the announcement, MPs debate the proposals over four days before casting their votes.

What Could the Autumn Budget Deliver?

So far, Chancellor Reeves has only promised two things: not borrowing for day-to-day spending and ensuring government debt falls as a share of national income by the end of this parliament. These self-imposed rules are designed to reassure markets and underline financial discipline.

The OBR warned earlier this year that the Chancellor had only a small margin to meet these targets, with headroom of about £10 billion. Since then, government borrowing costs have risen and earlier plans to cut benefits were reversed, tightening the available room for manoeuvre.

So, given the situation, many experts are assuming that the government could target property taxes.

Potential Tax & Spending Changes

Speculation has centred on whether the government will look to raise revenue through less direct methods. One option under consideration is extending the freeze on Income Tax thresholds beyond 2028. As wages rise, more people are drawn into higher tax brackets, effectively raising revenue without altering tax rates—a method sometimes referred to as a “stealth tax.”

Property-related tax shake-ups are also being discussed. Reports suggest the government may consider reforming or replacing stamp duty, potentially introducing new forms of property taxation. Council Tax could also face change, and there has even been speculation about adjustments to Capital Gains Tax on main homes, although such a move would be politically sensitive.

Other Areas of Focus

Reform of Individual Savings Accounts (ISAs) was ruled out earlier this year, but changes to encourage more personal investment remain possible. Similarly, while previous Chancellors have considered reducing higher-rate pension tax relief, such moves have not materialised because of concerns about discouraging saving.

Other reported ideas include scrapping the 5% VAT rate on domestic energy bills, as well as calls from trade unions for higher taxes on sectors such as banking and online gaming. These remain unconfirmed but show the range of measures under discussion ahead of the Autumn Budget.

The State of the UK Economy

The government has highlighted economic growth as a central objective, but recent figures point to challenges. Growth slowed in mid-2025, with GDP flat in July after modest gains earlier in the year. Over the three months to July, the economy expanded by just 0.2%, a weaker pace than in the preceding quarters.

Inflation remains above target, running at 3.8% in the year to July, higher than the Bank of England’s 2% goal. However, concerns about a weakening jobs market led the Bank in August to cut interest rates further, the lowest in more than two years. Lower borrowing costs could support households and businesses, though they risk further pressure on savers.

Conclusion

The 26 November Budget is likely to be closely watched for how the Chancellor balances her fiscal rules with the realities of slower growth, rising borrowing costs, and the need to fund public services. With key tax rises on working households ruled out, the government may rely more heavily on threshold freezes, property taxes, and targeted measures to generate revenue.