   Chancellor leaves for the House of Commons 251126 @ 11.30 As usual we will have a prompt report on what the Chancellor had to say in her Autumn Budget statement in November which will highlight the key points of interest for V8 Register members and fellow MGV8 enthusiasts. HM Treasury website See a guide to budget statement buzzwords. More... BBC NEWS report Link What can we expect in the Autumn Budget 2025? See views of Fidelity International. Link Updated:250916 & 251105 Posted: 250903 |
Autumn
Budget 2025 The Chancellor of the Exchequer Rachel Reeves will deliver the Autumn Budget on Wednesday 26th November 2025, alongside the publication of an economic and fiscal forecast from the Office for Budget Responsibility (OBR). The Treasury has stated that it will focus on "delivering for working people, by prioritising renewal and growth through investment and reform”. BBC News reports "It comes as the Chancellor faces mounting pressure to balance the public finances, while trying to boost economic growth and maintain the confidence of investors on financial markets. Economists have warned tax rises or spending cuts must be made if Reeves is to meet her borrowing rules, given growth has been sluggish and inflation, the rate at which prices rise, has been increasing". During the three months before the Autumn Budget 2025 Extraordinary early release of the OBR Budget Report revealing the contents of the Chancellors Budget statement ahead of her making her statement - utter chaos. Endless leaks have created uncertainties ahead of the Budget Statement today. The most chaotic counter-productive run-up to a Budget seen for many years For weeks we have seen chronic uncertainty about specific measures that might be in Reeves' Budget, with Treasury spin-doctors unleashing all kinds of stories, floating endless often conflicting policy trial balloons and flying countless kites. As multiple personal tax and business tax changes have been signalled and then dropped, households and businesses have hunkered down. That created a most chaotic counter-productive run-up to a Budget statement with nervous consumers and companies reining in spening and not investing or taking on more staff ahead of the Autumn Budget. The Government refused ten days before the Autumn Budget statement to rule out extending the long-running freeze on tax thresholds, despite Reeves warning last year that such a move would "hurt working people" and "break Labour's manifesto promises". according to the Institute of Fiscal Studies extending the tax thresholds freeze for another two years would cost basic-rate tax payers £405 per annum, while the growing numbers being dragged into a higher locked rate tax bracket would be a hit with an extra tax bill of £1,129. The Chancellor and her team simply sucked the life out of the UK economy, killing the drivers which are behind most of our decisions to do something positive - that spontaneous urge to action rather than inaction. The uncertainties tended to spook the markets, not least the property market and also the classic car market as examples of where activity had clearly reduced. Posted: 251122 Unusal early morning briefing by the Chancellor on 4th November 2025 Since the date of the Autumn Budget was announced on 4th September 2025 there has been growing concern for more than two months over what further tax rises may be in the Autumn Budget and signs the concerns have unsettled the markets, including the classic car market to some extent. To address those growing concerns and continuation of speculation for another 3 weeks over likely tax increases, the Chancellor gave an unusual early morning speech from Downing Street on Tuesday 4th November 2025 to set the context and her priorities for the Budget. But she refused to rule out tax rises as she said she will make the "necessary choices" in her upcoming Budget statement. Press reviews of the situation suggested not only income tax rises were likely but also a further freeze on income tax bands, known as fiscal drag. That would hit pensioners harder - and many owners and potential buyers of classic cars like MGV8s are in the age group 55 to 80. See articles in the Times on 5th November 2025 with a report on the Chancellor's early morning speech. More It was hoped the markets would calm once the Autumn Budget statement had been made some three weeks later. |
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