Reeves announces £26bn of tax rises after budget leak

UK Finance Minister Rachel Reeves has unveiled a new budget that raises taxes for ordinary workers while increasing government spending on social welfare programs. The plan aims to elevate the government's tax revenue to a post-war high of 38% of GDP by 2031, as reported by the Office for Budget Responsibility (OBR). This budget is set to be a pivotal moment for the Labour government amid ongoing economic challenges.

Chancellor Rachel Reeves has unveiled a £26 billion tax-raising budget aimed at the wealthiest households in the UK, which includes the scrapping of the two-child benefit cap and cuts to energy bills funded by a mansion tax. This budget was announced amid a chaotic day marked by early leaks from the Office for Budget Responsibility (OBR).

Chancellor Rachel Reeves has presented the UK Budget for 2025, which includes significant changes to tax, pensions, and welfare aimed at addressing the ongoing cost of living crisis. Key announcements include the scrapping of the two-child benefit cap and the introduction of a mansion tax, alongside a £550 increase for pensioners, reflecting the government's commitment to support vulnerable populations.

Chancellor Rachel Reeves has announced a significant budget aimed at addressing the UK's cost of living crisis, with specific implications for Scotland, including an £820 million funding boost. This budget is set to be revealed on November 26, 2025, and is expected to include tax increases and spending cuts as part of a broader strategy to manage fiscal challenges.

Chancellor Rachel Reeves announced a budget that includes a £26 billion tax increase and increased welfare spending, aimed at addressing the UK's ongoing cost of living crisis. This budget is a significant move for the Labour government as it seeks to balance fiscal responsibility with social support.

Chancellor Rachel Reeves has announced a budget aimed at reducing living costs for millions, which includes ending the two-child benefit cap and cutting energy bills. However, this comes alongside a significant £26 billion tax increase to address a shortfall in public finances, following a leak from the Office for Budget Responsibility (OBR) that caused immediate market reactions.

A watch dealer has been sentenced to just over five years in prison after defrauding 50 victims out of more than £1 million through a luxury watch scam. The fraudulent activities involved the sale of counterfeit Rolex and other high-end watches, leading to significant financial losses for the victims.

Chancellor Rachel Reeves has announced that salary-sacrificed pension contributions exceeding £2,000 will now incur national insurance charges, a move aimed at addressing fiscal challenges. This decision is part of a broader budget strategy set to be revealed on November 26, 2025, amidst ongoing discussions about the UK's economic stability.