Rachel Reeves has acknowledged people are “angry at unfairness” in the British economy ahead of unveiling her second Budget this afternoon.
She vowed to make “fair and necessary choices to deliver on our promise of change” in her financial statement, which is widely expected to include tax hikes as the Chancellor tries to plug an estimated £30bn black hole.
In a filmed address ahead of the Budget, Reeves said the Government had started to see results in the past year with “wages rising faster than inflation, hospital waiting lists coming down, and our economy growing faster and stronger than people expected”.
“But I know there is more to do,” she said. “I know that the cost of living is still bearing down on family finances, I know that people feel frustrated at the pace of change, or angry at the unfairness in our economy.
“I have to be honest that the damage done from austerity, a chaotic Brexit and the pandemic were worse than we thought.
“But I’m not going to duck those challenges, and nor will I accept that our past must define our future. It doesn’t have to.”
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Sort: Newest first Oldest first November 26, 2025 7:12 amGood morning – and welcome
Welcome to The i Paper’s politics blog for 26 November.
Today is Budget day – when Chancellor Rachel Reeves will – at long last – outline her financial plans for the year ahead.
She is reportedly going to adopt a so-called “smorgasbord” approach to raising taxes, though major changes like a hike in income tax are now unlikely.
Reeves will deliver her Autumn Budget in the Commons at around 12.30pm – shortly after Prime Minister’s Questions wraps up.
Reeves will deliver her crunch Budget on Wednesday (Photo: Kirsty O’Connor/Treasury)It will be a tough moment for the Government – and potentially Reeves herself – as she seeks to cling on to the confidence of the public and her own MPs in a tricky economic climate.
She is facing an estimated £30bn financial hole, which the Chancellor will likely seek to fill with a number of tax rises.
We already know what a few of these will be, with tourist tax, a milkshake tax and a so-called mansion tax already confirmed by the Government.
She has also confirmed a rise in the minimum wage – but the rest of Reeves’ “red box moment” will remain a mystery for now.
We’ll bring you updates throughout Wednesday.
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