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Chancellor Reveals Budget: Tax Hikes to Tackle £30 Billion Gap

11/26/2025

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Summary

Story summary

The Chancellor of the Exchequer Rachel Reeves will present a budget to close a £20-£30 billion gap with tax increases.
Measures include a tourist tax, higher business rates, and extending the sugar tax to milkshakes.
Retailers warn these hikes will raise food prices and contribute to inflation.
The National Living Wage will rise from £12.21 to £12.71 per hour.
The budget prioritizes fiscal responsibility and the cost of living crisis.

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Story summary

The Chancellor of the Exchequer Rachel Reeves will present a budget to close a £20-£30 billion gap with tax increases.
Measures include a tourist tax, higher business rates, and extending the sugar tax to milkshakes.
Retailers warn these hikes will raise food prices and contribute to inflation.
The National Living Wage will rise from £12.21 to £12.71 per hour.
The budget prioritizes fiscal responsibility and the cost of living crisis.