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


Bond markets are winning the Budget stand-off


Robert Shrimsley: The inescapable logic of Labour’s choices


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


Paywalled: End of The Line: how Saudi Arabia’s Neom dream unravelled


Sign up here for Stephen Bush's morning newsletter Inside Politics for straight-talking insight into the stories that matter, plus puns and tongue (mostly) in cheek analysis. Get 30 days free.


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

Hosted on Acast. See acast.com/privacy for more information.

Avsnitt(573)

Will Starmer’s new milestones become millstones?

Will Starmer’s new milestones become millstones?

Sir Keir Starmer unveiled six fresh pledges as part of a major government reset this week, which included diluting a green target and redefining his economic goals. It followed a tumultuous start to g...

5 Dec 202438min

Assisted dying: The vote

Assisted dying: The vote

MPs will vote on assisted dying this week for the first time in almost a decade. There are ramifications for the NHS, questions over legal oversight, and ethical considerations that all feed into this...

28 Nov 202438min

Labour’s beef with farmers

Labour’s beef with farmers

After winning swaths of rural seats in the general election, Labour’s relationship with the countryside has nosedived, amid a row over the government’s plan to impose inheritance tax on some farms. Ho...

21 Nov 202436min

EU or US? UK plays piggy in the middle

EU or US? UK plays piggy in the middle

As Donald Trump makes his first appointments, speculation in Whitehall grows: will the UK move closer to the US or cosy back up with the EU?The FT’s Lucy Fisher is joined by Political Fix regulars Geo...

15 Nov 202437min

The UK in Trump’s world

The UK in Trump’s world

Despite past criticism of Donald Trump, Sir Keir Starmer has sent ‘hearty’ praise to the president-elect for his victory this week. But what will transatlantic relations be like in 2025 and what does ...

8 Nov 202444min

Live Budget special: How will the UK secure growth?

Live Budget special: How will the UK secure growth?

It’s been two days since chancellor Rachel Reeves put a £40bn tax increase at the heart of a plan to fix the country’s “broken” finances and public services, and unveiled a sharp increase in borrowing...

1 Nov 202458min

New chancellor, new rules

New chancellor, new rules

Rachel Reeves has rewritten her fiscal rules on the eve of her seismic first Budget next week. She says her new borrowing rule will help get Britain building, but how will it go down with voters – and...

25 Okt 202437min

Cabinet fightback: the revolt over spending

Cabinet fightback: the revolt over spending

Rachel Reeves’s plans for a tough spending round later this month have sparked a fierce revolt among a raft of cabinet ministers. But will their protests make a difference? Host Lucy Fisher is joined ...

18 Okt 202437min

Populärt inom Politik & nyheter

aftonbladet-krim
motiv
p3-krim
rss-krimstad
fordomspodden
rss-viva-fotboll
flashback-forever
svenska-fall
rss-sanning-konsekvens
aftonbladet-daily
svd-dokumentara-berattelser-2
spar
rss-krimreportrarna
rss-vad-fan-hande
rss-frandfors-horna
krimmagasinet
olyckan-inifran
rss-aftonbladet-krim
dagens-eko
grans