The UK government’s Autumn Budget is coming up – official date is Wednesday 26 November 2025.
On that day, the Chancellor will deliver a full statement to Parliament setting out tax, public spending and economic plans for the year ahead.
At the same time, the Office for Budget Responsibility (OBR) will publish its updated forecasts for growth, inflation, borrowing and public finances. These forecasts often shape what the Budget can and cannot do.
Given sluggish growth, rising borrowing costs, and hefty public spending commitments, this year’s Budget will be closely watched by households, savers, retirees and homeowners alike.
What are the big “must-watch” items this year?
Based on recent reports and analyses, here are some of the major themes and possible changes you should keep an eye on:
Tax and revenue changes
- While headline tax rates (Income Tax, VAT, National Insurance) may not formally increase, there’s a strong chance thresholds will remain frozen. That means as wages rise, more people could effectively pay more tax — a so-called “stealth tax.”
- The government is widely expected to target wealthier individuals, landlords and those with property or investment income by adjusting property taxes, inheritance tax, and possibly taxes on rental income or high-value assets.
- There is speculation that pension-related tax reliefs or perks could be reviewed: for example, rules around “salary sacrifice” pension contributions might be restricted.
Changes to savings and investment incentives
- Expect possible reforms affecting Individual Savings Account (ISA) allowances – in particular, cuts to the annual cash ISA limit have been rumoured.
- If ISA limits are reduced, this could push savers toward investments (stocks and shares ISAs) or other savings vehicles – something to watch carefully if you rely on ISAs for your first home deposit or emergency savings.
Pensions, retirement and social security
- The government may revisit rules around pension tax-free cash, salary sacrifice, and other pension-related reliefs. While many experts believe major changes might be shelved this time, uncertainty remains — meaning those nearing retirement or maxing out pension contributions should pay close attention.
- Any changes could affect long-term retirement planning, so it’s a good idea to review your pension strategy before the Budget lands.
Government borrowing, debt and spending commitments
- The Chancellor still has to respect fiscal targets: day-to-day spending should be balanced by revenues, and debt as a share of GDP must begin to fall.
- That constraint makes it likely that the government will try to raise revenue without widespread direct tax hikes — which increases the odds of more targeted levies (on property, higher earners, pensions, etc.) rather than broad-brush tax increases.
What could this mean for you — everyday people, savers, homebuyers, retirees
- If you’re saving for a first home — changes to ISA allowances or tax on investment income could impact how easy it is to save. You might need to reassess whether a cash ISA, stocks & shares ISA, or alternative savings route makes most sense.
- If you have a pension or plan to retire soon – potential tinkering with pension tax relief or salary sacrifice rules means it could be a useful time to check your pension contributions and consider whether you want to lock in benefits now.
- If you own property or invest in buy-to-lets – increased tax on rental income, property, or wealth might affect returns or mortgage affordability, and could impact the property market generally.
- If you’re on a regular salary or wage – even without official rate changes, frozen tax thresholds could slowly but steadily erode take-home pay over time (the stealth-tax effect).
- If you rely on savings or investments – changes to allowances or tax treatment could affect returns, so it’s worth reviewing your portfolio, risks and expected returns after the Budget.
What we’ll be watching — and when to check back
Once the Budget statement is delivered on 26 November 2025, several things will matter:
- The full Budget documents – which detail exactly what’s changing, for whom, and when
- The updated OBR forecasts – giving a view of economic growth, inflation, debt, borrowing and how sustainable proposed measures are.
- Any follow-up legislation (the Finance Bill), because some changes may need to pass through Parliament before they take effect.
We’ll also keep an eye on what it means for savers, homeowners, pensioners, and how it matches with the advice we already provide on Money Simplified (e.g. on ISAs, pensions, mortgages and savings).
What You Should Do Now (Before the Budget Lands)
- Review your savings: If you have cash ISAs or rely on them for deposits/expenses maybe consider diversifying into other savings vehicles now.
- Check pensions: If you regularly contribute via salary sacrifice or plan to draw pension tax-free cash, make sure you understand the current rules and what might change.
- Budget for household costs: With potential “stealth” tax changes, review your personal budget higher tax bills may eat into spending power over time.
- Stay informed: Bookmark official Budget resources (on the Treasury and Parliament websites) once the Budget documents are out, get the facts before reacting.
Conclusion
The Autumn Budget 2025 comes at a challenging time, with weak growth, high debt, and pressure on public spending. While headline tax rates may remain unchanged, there’s a real chance of “stealth taxes,” targeted wealth and property levies, and reforms to savings and pensions.
For ordinary people, savers, homeowners, renters, pensioners, it could be a moment to pause, review your finances, and prepare. Once the red box opens on 26 November, the details will matter and we’ll be watching closely.
