Chancellor of the Exchequer Rachel Reeves has presented a Budget focused on cutting the cost of living, reducing NHS waiting lists, and lowering borrowing and debt.
The Office for Budget Responsibility (OBR) forecast UK growth at 1.5% this year, with inflation expected to fall to 0.4% in 2026, and borrowing projected to decline each year.
Key developments
• £150 off average household energy bills from April 2026.
• Rail fares frozen and fuel duty cuts extended; wage rises for National Living Wage and Minimum Wage workers.
• Government says 450,000 children could be lifted out of poverty through welfare reforms.
• NHS investment maintained, including 250 new Neighbourhood Health Centres.
• Fiscal headroom projected to reach £21.7 billion.
• The Budget introduces a High Value Council Tax Surcharge on homes worth more than £2 million.
• Pension contributions made via salary sacrifice above £2,000 a year will be subject to employee and employer National Insurance from April 2029.
• The Budget also increases online gambling duties, raising more than £1 billion a year, and introduces a per-mile levy for electric and plug-in hybrid vehicles from 2028. The temporary 5p fuel duty cut is extended until August 2026, before rates gradually return to early 2022 levels.
Reeves said the Budget aims to deliver “stability, investment and reform” while avoiding cuts to public services. The government also signalled tax changes on high-value property and investment income.
The Budget prompted contrasting political reactions. Conservative MP Kemi Badenoch criticised the measures, calling the statement “the Nightmare Before Christmas” and describing the Chancellor as “an unwelcome Christmas guest.”
By contrast, Labour MP Patrick Hurley said the package was stronger than expected, highlighting plans on child poverty, gambling duties and high-value property taxes as positive steps. Veteran Labour MP John McDonnell welcomed the removal of the two-child cap as a “major win” but argued that wider tax changes on wealth did not go far enough, warning that frozen tax thresholds could leave living standards “at a standstill.”
ℹ️ GOV.UK, Reuters, UK Parliament
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