When is the Autumn Budget and what could be in it?
Rachel Reeves urges Labour to back her and says her future as Chancellor is not in doubt
Rachel Reeves has insisted her future is not in doubt as Labour prepares for the Autumn Budget this week.
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The Chancellor will deliver her speech on Wednesday, with Labour losing ground in opinion polls to Reform UK.
Experts have already warned that tax rises are inevitable in the Autumn Budget with government borrowing having hit £18 billion.
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In announcing the date she will make the statement, Ms Reeves denied the economy is "broken,” despite needing to plug a £50 billion black hole.
Ms Reeves said: "A budget involves choices. Choices are things that we do, and also things that we don't do.
"I hope that you like every single measure but you might not. There might be 99 per cent or 95 per cent that you like, but 1 or 5 per cent that you don’t. The budget is a package. It's not a pick and mix."
Here are the key details we know so far about the budget.
When is the UK Autumn Budget 2025?
Chancellor Rachel Reeves will deliver the Autumn Budget on November 26 from the House of Commons from around 12.30pm.
This will be her second budget as chancellor and will set out potential spending modifications, changes to tax, or a different fiscal strategy.
The Office for Budget Responsibility (OBR) has been given the required 10 weeks’ notice to provide an independent forecast.
What could be in the Budget 2025?
The chancellor has said that the economy is “not working well enough” and that there is “more to do”.
She tweeted: “Bills are high. Getting ahead feels tougher. You put more in, get less out. That has to change.”
She said that “fixing the foundations” has been her mission for the past year and touted Government action including trade deals with the US, India and the EU and making a start on tearing up planning rules to reach the target to build 1.5 million homes.
Ms Reeves has hinted that more money would be found for the NHS and to bring down energy bills.
She has also been tipped "to slash cash ISA allowance by nearly half" and also raise taxes.
The defence sector is also said to be calling for more spending on the military.
What are the current UK interest and stamp duty rates?
- The Bank of England's base rate of interest is currently 4 per cent, the institution having left the rate unchanged for September,
- Stamp duty rates changed on April 1, 2025. Zero rate thresholds dropped from £250,000 to £125,000, and first-time homebuyer thresholds dropped from £425,000 to £300,000,
- Rules since April have seen first-time buyers pay no stamp duty up to £300,000, and then 5 per cent on the portion between £300,001 and £500,000.