Publications Stairway to headroom Putting the Autumn Budget 2025 decisions on tax, spending and borrowing into context 27 November 2025 by Hannah Aldridge and Mike Brewer and Elliott Christensen and Tom Clark and Alex Clegg and Nye Cominetti and Adam Corlett and Ruth Curtice and Julia Diniz and Sophie Hale and Lindsay Judge and Zachary Leather and Jonathan Marshall and Charlie McCurdy and Louise Murphy and Simon Pittaway and Hannah Slaughter and James Smith and Imogen Stone and Greg Thwaites and Lalitha Try The Chancellor’s second tax-rising budget arrived under dark clouds, but forecasts came in better than feared. But even though she was saved from the worst predictions of past weeks, the Chancellor still faced a tough task to clear three big hurdles – fixing the public finances, easing… Continue Reading
Events Second album syndrome? What Autumn Budget 2025 means for the public, financial markets and the cost of living Thursday 27 November 2025 The Chancellor has prepared the pitch for a tough second Budget, with tax rises expected as part of a fiscal strategy designed to reassure markets that the UK’s public finances… Continue Reading
Publications Black holes and consolidations Previewing the key decisions for Budget 2025 4 November 2025 by Camron Aref-Adib and Elliott Christensen and Alex Clegg and Adam Corlett and Ruth Curtice and Jonathan Marshall and Louise Murphy and James Smith This make-or-break Budget is set to include significant spending cuts and tax rises spurred by a significant deterioration in the public finances. So, in this briefing note we discuss how… Continue Reading
Events Finding the right keys for growth How should housing feature in the Budget? Thursday 13 November 2025 The Budget run-in has centred around what taxes the Chancellor will need to raise to meet her fiscal rules. But housing could potentially play in equally decisive role. Ambitious planning… Continue Reading
Publications It’s personal (taxation) Taxes on typical employees aren’t unusually high, but the bias against them is 27 October 2025 by Adam Corlett In the weeks surrounding the Budget we’re likely to hear a lot of tax discussion. That reflects a deterioration in the public finances – with an IFS estimate of £22… Continue Reading
Events Back for more? The Chancellor’s tax and spend options in her upcoming Budget Tuesday 4 November 2025 After delivering her first Budget last autumn, which included the biggest tax rises in decades to fund a major boost to public services, Rachel Reeves said that she would not… Continue Reading
Events Call of duties What should the Chancellor’s tax strategy be for the Budget? Tuesday 23 September 2025 The Chancellor has fired the starting gun on the run-in to one of the most challenging second Budgets in living memory. The Chancellor has already said her fiscal rules are… Continue Reading
Publications A healthy State? Putting the 2025 Spending Review into context 12 June 2025 by Camron Aref-Adib and Mike Brewer and Tom Clark and Alex Clegg and Adam Corlett and Ruth Curtice and Emily Fry and Zachary Leather and Charlie McCurdy and Felicia Odamtten and Simon Pittaway and James Smith and Greg Thwaites Yesterday saw the Chancellor reveal the results of the first ‘zero-based’ review since 2008, the first stand-alone Spending Review since 2019, and the first three-year plan since 2021. It was… Continue Reading
