Rachel Reeves’s second Budget boosts welfare spending paid for through stealth tax rises, and taxes on property, savings and dividends. Income tax rates remain unchanged, but frozen thresholds for a further three years and wealth-focused levies do the heavy lifting.
Key measures announced during the Autumn Budget:
- Income tax rates unchanged, but thresholds frozen until 2031 to raise revenue.
- National Living Wage up from £12.21 to £12.71 (April 2026).
- Fuel duty freeze extended until 2026; 5p cut retained for the moment.
- Two-child benefit cap removed from April 2026.
- Welfare benefits to rise in line with inflation.
- Focus on wealth taxation and property-related measures over headline income tax hikes.
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