Budget 2025: Has Reeves saved her job?

The News Agents

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Wednesday, 26 November 2025 - 40 minutes

This time last year, Rachel Reeves pledged that her tax raising Budget “wiped the slate clean” and would mean no more need for future tax raids. Today demonstrably proved what a hostage to fortune those comments were. As a result of the Chancellor’s statement today - shambolically accidentally leaked by the OBR before she had got to her feet - the tax burden is due to reach an all time high by the end of the decade. Due to her tax threshold freezes, one in four workers will pay the higher rate of income tax by 2030. There were unmistakably Labour themes in this Budget too - a mansion tax, the end of the two child benefit cap, betting firms also hit with further taxes. But is her calculation the right one? Will the voters stomach tax rises to pay for public services a ballooning welfare state? Or was this about securing her position in the party - if not the country? And what has happened to the Government’s mission for growth?

Jon and Lewis speak to Torsten Bell, the Treasury minister and so-called ‘mastermind’ behind this Budget.

The News Agents is brought to you by HSBC UK - https://www.hsbc.co.uk/

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