Budget 2025: Has Reeves saved her job?

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This time last year, Rachel Reeves pledged that her tax raising Budget “wiped the slate clean” and would mean no more need for future tax raids. Today demonstrably proved what a hostage to fortune those comments were. As a result of the Chancellor’s statement today - shambolically accidentally leaked by the OBR before she had got to her feet - the tax burden is due to reach an all time high by the end of the decade. Due to her tax threshold freezes, one in four workers will pay the higher rate of income tax by 2030. There were unmistakably Labour themes in this Budget too - a mansion tax, the end of the two child benefit cap, betting firms also hit with further taxes. But is her calculation…