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Budget 2025 summary: Key points from Rachel Reeves’s speech

3 min readBBC News
Budget 2025 summary: Key points from Rachel Reeves’s speechBudget 2025 summary: Key points from Rachel Reeves’s speech

Changes to tax, pensions and welfare - here’s what you need to know from Rachel Reevesher second Budget.

Rachel Reeves has set out details of her second Budget since becoming chancellor.

A number of measures from the yearly tax and spending plan had already been announced in the days leading up to the statement.

Other measures were revealed by accident after the UK's budgetary watchdog mistakenly published its official forecast early.

Here is a summary of the main points.

Green banner that says personal taxation
Bar chart titled ‘How budget will raise taxes by £26bn by 2029-30’, showing contributions from different measures. The largest increase is £8bn from freezing the personal tax thresholds, followed by £5.8bn from other tax measures and £4.7bn from salary sacrifice pension changes. Smaller increases include £2.1bn from property, savings and dividends income tax, £1.5bn from a corporation tax change, £1.4bn from a new electric car mileage tax, £1.1bn from gambling tax changes, £0.9bn from capital gains tax changes, and £0.4bn from a “mansion tax” on properties over £2m. Source: HM Treasury and the OBR
Green banner that says wages, benefits and pensions
Green banner that says housing and property
A terrace of colourful houses in London
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Business taxes
Green banner that says household bills
Green banner that says drinking and smoking
Green banner that says UK growth, inflation and debt
EPA/Shutterstock Bank of England
Green banner that says other measures