November 2025 United Kingdom budget

The November 2025 United Kingdom budget was delivered to the House of Commons by Rachel Reeves, the Chancellor of the Exchequer, on 26 November 2025.

The budget's main announcements included extending the freeze on personal tax thresholds from April 2028 to April 2031, changes to the National Insurance treatment of pension salary sacrifice, a new High Value Council Tax Charge from April 2028, and the continuation of temporary fuel duty support with a planned staged reversal in 2026. In addition, it included measures on welfare and household costs, such as ending the two-child limit in Universal Credit from April 2026 and changes intended to lower average household energy bills in Great Britain from April 2026, alongside announcements on skills funding, NHS services and prescription charges, and pensions.

The Office for Budget Responsibility (OBR) forecast that borrowing would fall over the five-year forecast period and that public debt would peak in the late 2020s, and it assessed that the government's fiscal rules were being met. On Budget day, the OBR's November 2025 Economic and fiscal outlook was inadvertently accessible online ahead of its official release, prompting an investigation published on 1 December 2025 and the resignation of OBR chair Richard Hughes the same day.