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ARTICLE · 06 OCTOBER 2025

Budget Tracker (Autumn 2025)

Travers Smith LLP
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The Chancellor of the Exchequer, Rt Hon Rachel Reeves MP, is preparing to deliver her second Budget on Wednesday 26 November 2025.

United KingdomTax
Madeline Gowlett
Madeline Gowlett
Elissavet Grout
Elissavet Grout
Hannah Manning
Hannah Manning
Tom Margesson
Tom Margesson
Elena Rowlands
Elena Rowlands
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The Chancellor of the Exchequer, Rt Hon Rachel Reeves MP, is preparing to deliver her second Budget on Wednesday 26 November 2025.

The challenges that she faces are significant. These include:

  • a highly volatile geoeconomic climate;
  • anaemic growth – HM Treasury forecasts predict an average of 1.2% gross domestic product (GDP) growth for 2025, slowing to 1.1% in 2026;
  • a current budget deficit (i.e. borrowing required to fund day-to-day spending) – the ONS suggests the total current budget deficit for the five months to the end of August 2025 to be £62.0bn; and
  • elevated net debt – the ONS figures show public sector net debt was equivalent to 96.4% of GDP at the end of August 2025.

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