Many who follow politics or financial journalism closely may be experiencing a sense of déjà vu this autumn.

The months leading up to Labour’s first Budget last October were of course full of speculation on which taxes may be reformed or increased in order to make the country’s balance sheet stack up.

Chancellor Rachel Reeves advertised months before her October 2024 Budget that an audit had revealed a £22 billion black hole in the public finances that would need to be filled.

What followed were rumours of multiple tax hikes and reforms – from inheritance tax to pensions. Some of these came to fruition, and some did not.

In the days after the Budget, the Chancellor insisted that the Budget was a “reset” she did not plan to repeat.

“We’re not going to be coming back with more tax

See Full Page