Autumn Budget 2025
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MHA will help you navigate the ever-evolving tax landscape, with a range of exclusive insights and practical guidance.
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With Government borrowing at a near 30 years high, and her stewardship of the public finances facing increasing criticism, Rachel Reeves clearly faces an enormous challenge with her upcoming Autumn Budget on 26 November.
Experts have warned that tax rises are now inevitable amidst slow productivity growth, surging inflation, and increased government borrowing, all of which have led to a £40bn fiscal black hole for the Chancellor to fill.
A recent report by the Institute for Government (IfG) has called on Ms Reeves to commit to serious tax reform in her Autumn Budget rather than reaching for an "eclectic grab bag of tax raisers", which could further complicate the tax system.
We would remind the Chancellor that UK businesses are the engine of economic growth and we urge her not to look to them to plug the fiscal gap.
What can we expect?
Predictions from our tax and economic experts below
Can the Chancellor walk the ever narrowing tightrope of tax rises and spending cuts?
The Chancellor will be aiming to stick to her manifesto commitments, balance her books, keep business on side and not upset critics on both her left and right that she is either taxing too little or taxing too much.
However, following the Labour Party Conference on 29 September, there is now growing speculation that she is reconsidering a key Labour manifesto pledge not to raise VAT, and is also exploring the option to cut the threshold at which small businesses need to register for VAT, despite pressure to raise the limit to boost growth.
We know there are no easy targets for the Chancellor to raise the large sums that she and the Government need to balance the nation’s books, but we would remind her that UK businesses are the engines of economic growth, and we urge her not to look to them to plug the fiscal gap.
Economic outlook
Tax is one thing, but the Autumn Budget will also be an opportunity to stimulate economic growth. The Chancellor faces a delicate balancing act - whether to loosen fiscal policy to support growth or hold back to avoid stoking inflation further. With the labour market still running hot, calls for fiscal restraint will meet resistance from those urging the Government to reignite the economy.
Predictions from our tax and economic experts
Our tax and economic experts
Professor Joe Nellis
Economic Adviser to MHA
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Patrick King
Tax Partner
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James Kipping
Tax Partner
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Rachel Nutt
Tax Partner
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Alison Horner
VAT and Indirect Tax Partner
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Chris Denning
Corporate and International Tax Partner
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Chris Barlow
Partner & Manufacturing & Engineering specialist
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Atul Kariya
Partner
Full detailsAutumn Budget Hub - Follow for the latest updates
MHA will help you navigate the ever-evolving tax landscape, with a range of exclusive insights and practical guidance.
The Autumn Budget 2025 will have wide-ranging impacts on industries and businesses across the UK. Our tax experts and industry specialists will be happy to help you adapt and reassess your financial plans in the light of any tax cuts and legislative changes arising from these fiscal announcements.
Contact your usual MHA advisor or your local office for guidance on the measures announced, or to discuss other tax matters, and we will be happy to assist with any queries.
