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Chancellor Reeves' Budget Faces £22 Billion Borrowing Challenge

11/20/2025

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Summary

Story summary

Chancellor of the Exchequer Rachel Reeves will present budget to Parliament, aiming to fund services and reassure creditors about debt repayment.
The Institute for Fiscal Studies (IFS) predicts borrowing may exceed forecasts by £22 billion in 2029-30 due to higher costs and welfare changes.
To meet fiscal rules, Reeves may need £12 billion from tax increases and spending cuts, with a buffer around £20 billion, depending on growth and inflation.

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Story summary

Chancellor of the Exchequer Rachel Reeves will present budget to Parliament, aiming to fund services and reassure creditors about debt repayment.
The Institute for Fiscal Studies (IFS) predicts borrowing may exceed forecasts by £22 billion in 2029-30 due to higher costs and welfare changes.
To meet fiscal rules, Reeves may need £12 billion from tax increases and spending cuts, with a buffer around £20 billion, depending on growth and inflation.