The Chancellor Rachel Reeves will deliver Budget 2025 on Wednesday 26 November. Against a backdrop of record high borrowing costs, record low headroom and sluggish growth, economists estimate that Reeves is facing a new ‘black hole’ in the public finances ranging from anywhere between £20 billion and £40 billion. Significant tax rises therefore seem inevitable in the Labour Government’s second major fiscal event.
This page is the hub for all of KPMG’s Budget 2025 analysis. On this page you’ll find insights into what the Chancellor’s tax announcements mean for businesses, employers and individuals. It will be updated before, on and after Budget Day. Save it to your favourites and regularly check it for updates.
Autumn Budget 2025 predictions
Tim Sarson and Sharon Baynham from KPMG UK’s Tax Policy team will be sharing their expert insights on the potential tax measures the Chancellor may unveil. Our in-depth predictions will be published here in early November.
Read their early insights on what Chancellor Rachel Reeves could – and should – announce in Budget 2025.
Live reactions on Budget Day
26 November 2025
On Budget Day, this page will be updated throughout the afternoon with initial reactions and expert analysis from KPMG tax professionals. Please check it regularly throughout Budget afternoon to see what the announcements will mean for you and your business.
Join our LinkedIn Live event at 4:00pm, hosted by Tim Sarson, UK Head of Tax Policy, for a live discussion on the key Budget announcements and their implications.
Post-Budget deep dive analysis
28 November 2025
Our Autumn Budget virtual event will take place at 12pm on Friday 28 November 2025.
Please register now to join our panel of experts for a deep dive into the economic and tax impact of the Budget for businesses, employers and individuals.
