Pod Save the UK Reeves’s make-or-break budget: should the rich have paid more?
Nov 27, 2025
Zoë Grünewald, a savvy political journalist, and Dr. Faiza Shaheen, Director of Tax Justice UK, dive into the impacts of Rachel Reeves' recent budget. Grünewald discusses how the budget aims to soothe party tensions but lacks bold reform, while Shaheen critiques the minimal wealth tax proposals and emphasizes the need for progressive changes. They also highlight the lifting of the two-child benefit cap as a win, although they point out significant flaws that may affect younger generations. The conversation reveals a deeper struggle between economic policies and social equity.
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Political Budget Over Vision
- Rachel Reeves' budget aimed to calm markets and placate backbenchers rather than radically transform the economy.
- The £26bn in tax rises mainly relies on freezing income tax thresholds, shifting burden onto ordinary workers.
Taxes Fall On Work Not Wealth
- Most of the revenue comes from freezing personal tax thresholds and higher pension NICs, which hits earners rather than assets.
- That approach undermines the manifesto claim to avoid new taxes on working people in spirit if not technically.
Act Fast On Child Benefit
- Lift the two-child benefit cap immediately to reduce child poverty rather than delaying for fiscal technicalities.
- Give clear credit and apology to campaigners and Labour MPs who pushed for the change to rebuild trust.