The Autumn Budget date has not yet officially been announced but based on tradition, it is likely to be late October or early November.
Meanwhile, speculation is mounting over whether the Chancellor will be forced to break the promises made in their manifesto and raise taxes to plug the gap in the nation’s finances.
According to the National Institute of Economic and Social Research (NISER), the government is on course to miss its own borrowing targets by £41.2 billion, unless action is taken. NISER warns that a “moderate but sustained increase in taxes” may be the only realistic route for the government, particularly under the Chancellor’s ‘non-negotiable’ borrowing rules.
NIESR has suggested the government could raise revenue by:
- Extending the freeze on income tax thresholds beyond 2028 (a stealth tax that raises more as wages rise)
- Reforming council tax, or even replacing it with a land value tax
- Changing the scope of VAT
- Reforming pensions allowances
With all these pressures converging, the upcoming Autumn Budget could be a significant one. However, whether it will include tax rises, stealth tax extensions, or reforms to the tax system remains to be seen.
As always, we’ll be keeping a close eye on the Autumn Budget and any announcements that could impact you or your business. Once the details are confirmed we’ll provide a clear summary highlighting what matters most – whether that is changes to tax rates, allowances, or other measures.
If you have any questions about the impact of tax on your business or personal situation, please give us a call, we’ll be happy to help you.
