15 October 2025
At this time of year, we start to see speculation and whispers about what the budget will look at, contain and change. The policy team are resolute on only reporting the facts, so you don’t worry about speculation that does not come true.
However, when the chancellor herself makes a statement, it is very much worth considering. Sky News are reporting that Rachel Reeves has stated in an interview “Of course, we're looking at tax and spending as well." This follows a meeting with the Office for Budget Responsibility (OBR) to discuss their first draft of the report that will inform the budget.
It is worth noting that employment taxes (PAYE and National Insurance) are not specifically mentioned, and past mentions of employment taxes have been firm that they will not increase. But could this be a change of direction and indicate that such taxes are in scope for adjustments?
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