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Reeves announces £26 billion tax rises in November Budget

By Drooid · Oct 28, 2026, 14:22 UTC · How we work

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Chancellor Rachel Reeves announced a £26 billion tax increase in the November Budget.
Reeves scrapped the two-child benefit cap, which OBR estimates will cut child poverty by 450,000 by 2029/30.
She introduced a £2,500 mansion tax on homes over £2 million.
Homes over £5 million incur a £7,500 surcharge, projected to raise £400 million by 2029-30.
From 1 April 2026 the Living Wage rises 4.1% to £12.71 for workers 21+.

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Story summary

Chancellor Rachel Reeves announced a £26 billion tax increase in the November Budget.
Reeves scrapped the two-child benefit cap, which OBR estimates will cut child poverty by 450,000 by 2029/30.
She introduced a £2,500 mansion tax on homes over £2 million.
Homes over £5 million incur a £7,500 surcharge, projected to raise £400 million by 2029-30.
From 1 April 2026 the Living Wage rises 4.1% to £12.71 for workers 21+.