Political Fix7 Nov 2025

To tax, but who to tax, that is the question

With just three weeks to go until the Budget, Rachel Reeves gave a surprise speech to reset expectations on who she’s planning to hit with more taxes on November 26. This has fuelled further speculation about whether the government's central manifesto pledge to not raise income tax rates is now doomed.

Host Miranda Green is joined by FT colleagues Jim Pickard, Sam Fleming and Katie Martin to discuss the chancellor’s options: a pick’n’mix of tax rises or breaking a central pledge to the electorate. What then happens to the Labour government’s credibility, and how are the markets likely to react? Plus: can Reform become fiscally respectable?

Follow Miranda @greenmirandahere.bsky.social; Jim @pickardje.bsky.social; and Katie @katie0martin.ft.com

Want more?

What are Rachel Reeves’ tax options in the Budget?

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Robert Shrimsley: The inescapable logic of Labour’s choices

Inside Politics: Why Rachel Reeves won’t raise income tax

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Plus, the FT is hosting a live webinar on November 28 on what the UK Budget will mean for your money. You can put questions to FT journalists Claer Barrett, Stuart Kirk, Tej Parikh and special guest, tax expert Dan Neidle. Get your free pass now at ft.com/budgetwebinar.

Our email address is politicalfix@ft.com

Political Fix was presented by Miranda Green and produced by Lulu Smyth. The executive producer is Flo Phillips. Original music and mix by Breen Turner. The video engineers are Bianca Wakeman and Andrew Georgiades. The FT’s acting co-head of audio is Manuela Saragosa.

Clip from ITV

Read a transcript of this episode on FT.com

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