What is likely to happen in the 2025 Budget?

The Budget takes place on 26 November, later than originally planned, suggesting that more time was needed to pull together plans and proposals, writes James Geary of Randall & Payne.

The 2025 Budget will take place on 26 November, considerably later than originally envisaged, suggesting that more time was needed to pull together plans and proposals. There is little doubt, therefore, that we can expect a Budget packed with changes and possibly a few surprises.

The Budget comes on the back of another low-growth year although the economy has remained stubbornly just short of an official recession.

We are seeing a lot of optimism from the business community about prospects for the economy. However, it is clear that the government badly needs to either raise taxes, cut costs, or more likely a combination of both.

As ever, there has been a considerable amount of speculation in the past few weeks, and we have pulled together the main areas where we could see changes.

Income Tax and National Insurance

The obvious area is a continued freeze on the personal allowances and rate thresholds. The current freeze is due to end in 2028 but is likely to be extended to 2030. This “fiscal…