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Chancellor Faces £40bn Budget Gap Amid Tax Pledge Speculation

10/29/2025

23 2 Full Breakdown

Summary

Story summary

Chancellor of the Exchequer Rachel Reeves faces a budget hole of £35bn–£40bn.
She is unlikely to raise basic income tax or National Insurance for those earning under £46,000.
Speculation grows that she may break her manifesto pledge against tax increases.
A petition seeks exemption from National Insurance for workers over 60.
Budget decisions must be finalized by mid-November 2025.

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Story summary

Chancellor of the Exchequer Rachel Reeves faces a budget hole of £35bn–£40bn.
She is unlikely to raise basic income tax or National Insurance for those earning under £46,000.
Speculation grows that she may break her manifesto pledge against tax increases.
A petition seeks exemption from National Insurance for workers over 60.
Budget decisions must be finalized by mid-November 2025.