Countdown to Rachel Reeves’ Budget Showdown
So, a lot of people are asking what time the Budget speech is happening today, and honestly, there’s plenty of buzz around it — and for good reason. The big moment is scheduled for 12:30 GMT , right after the usual Wednesday Prime Minister’s Questions at midday. So essentially, PMQs warms up the room, and then Rachel Reeves steps up at half past twelve to deliver what’s shaping up to be a seriously impactful Budget.
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Now, the atmosphere leading up to this hasn’t exactly been calm. Reeves is expected to announce a number of tax and spending changes, and much of it has been framed as “fair but necessary,” especially with the economic challenges the country has been dealing with. Even before she gets to her feet, expectations are already being shaped by what Labour promised before the last election — specifically, not raising income tax, National Insurance, or VAT for “working people.” And although headline rates aren’t expected to rise today, the real tension is around the freeze on income tax thresholds , which could be extended all the way to 2030. If that happens, more people will drift into higher tax brackets as their wages increase over time.
There’s also plenty of noise around possible adjustments affecting wealthier households and certain industries. Think of taxes on properties worth more than £2 million, new charges for electric vehicle owners, and even changes that might limit how much can be put into pensions through salary sacrifice. And yes — even milkshakes aren’t being spared, with the sugar tax expected to stretch into that territory starting 2028.
On the flip side, the chancellor may deliver some relief. Cutting VAT on gas and electricity has been widely discussed, and if that happens, households could save a noticeable amount on their energy bills. With the energy price cap set to rise soon, any help here would be welcomed by pretty much everyone.
Of course, the government has already confirmed increases to the minimum wage, which Reeves is likely to highlight as part of her strategy to help with the cost of living. But critics worry about what this means for employers already struggling with high expenses.
All of this comes wrapped inside Reeves’ insistence that her fiscal rules are iron-clad — no borrowing to fund day-to-day spending, and government debt must be falling by the end of this Parliament. These strict conditions shape almost every Budget decision she’s about to announce.
So yes, today’s announcement at 12:30 GMT isn’t just another statement — it’s being seen as a real test of political judgment, economic strategy, and how much the public will tolerate in the name of “fairness” and long-term stability.
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