The 2025 Budget - What could it mean for you? (Part 1)

With the 2025 Budget scheduled for Wednesday, 26 November, there are plenty of rumours about potential tax increases. 

With UK borrowing costs at their highest in 27 years, the Chancellor faces the challenge of boosting the economy while striving to "balance the books." 

This series of articles explores how the Chancellor might tackle this issue without breaking the Labour Party Election Manifesto pledge to avoid raising taxes on working people. We begin by focusing on areas that could directly affect individuals. 

The table below examines potential personal taxation areas, their impact on revenue generation, and the associated political risks.

This potential overall strategy is that this could raise billions through targeted and politically careful reforms - focusing on wealth, property and reliefs rather than headline tax rates.

Next in the series we will consider the potential impact on businesses.