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ARTICLE · 03 DECEMBER 2025

The Autumn Budget 2025: Private Client Perspective

Macfarlanes LLP
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Having announced the largest package of tax rises in decades at last year's Budget, the Chancellor promised that this had been a "once in a parliament" event...

United KingdomTax
Mark Hunter
Mark Hunter
Clare Wilson
Clare Wilson
Klara Kronbergs
Klara Kronbergs

On 26 November 2025, the UK's Chancellor of the Exchequer, Rachel Reeves, delivered her second Budget.

Having announced the largest package of tax rises in decades at last year's Budget, the Chancellor promised that this had been a "once in a parliament" event and that she would not "be coming back with more tax increases". However, it has been apparent for some time that further tax rises at this year's Budget were inevitable, with the Chancellor delivering a speech earlier this month in which she laid the groundwork for a tax-raising Budget, highlighting global economic turbulence and emphasising that "each of us must do our bit" to restore economic stability.

Yesterday, the Chancellor confirmed that she would be asking "everyone to make a contribution", announcing a number of tax-raising measures affecting individuals, including a further three-year freeze to income tax and National Insurance thresholds, a 2% increase to dividend, savings and property income

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