Autumn Budget November 2025

In the Autumn Budget delivered on 26 November 2025, Chancellor Rachel Reeves announced up to £26 billion in tax-raising measures, including a three-year extension of the Income Tax threshold freeze, alongside increases to taxes on property, dividends and savings. The Budget also introduced both employee and employer National Insurance contributions on salary-sacrifice pension contributions above £2,000 a year and brought in a new tax on homes valued at £2 million or more.

On spending, Ms Reeves took action to cut energy bills, freeze rail fares and end the two-child benefit cap.

Ms Reeves said: ‘I can tell you today that, for every family we are keeping our promise to get energy bills down and cut the cost of living with £150 taken off the average household energy bill from April.

‘Money off bills, and in the pockets of working people. That is my choice.’

Autumn Budget 2025 read full document