Tax increases

Chancellor Rachel Reeves must increase income. Expect it to target employers’ social security contributions, inheritance tax, capital gains tax and personal tax thresholds.

Public spending

The chancellor will set out a one-year budget settlement for government departments covering the 2025-26 financial year, with officials singling out the NHS as the key priority, while also setting Whitehall’s overall spending package for the rest of parliament.

Public investment and budgetary rules

Reeves promised she would lead the way for the Government to “invest, invest, invest” by reframing its fiscal rules to allow up to £50 billion a year in additional borrowing for investment, while placing debt on a downward trajectory. over five years.

Economic forecasts

The UK economy has grown faster than expected this year, prompting the IMF to upgrade its forecast last week, which now sees expansion of 1.1% in 2024 and 1.5%. next year. The Office for Budget Responsibility will publish its latest forecast alongside the budget.

Growth plans

Reeves has made growth one of his top priorities. Ministers hope the OBR’s projections support a wider narrative: that the short-term difficulties of Reeves’ first budget will lead to growing economic benefits over a 10-year horizon and beyond.