The Story The Budget unpacked
Nov 27, 2025
Aubrey Allegretti, Chief Political Correspondent for The Times, and Rachel Mortimer, Deputy Money Editor at The Times, dive deep into the complexities of the recent budget. They discuss how the lack of surprises might impact Labour's election chances and analyze key tax changes like frozen thresholds and mansion taxes. Rachel highlights which households will feel the heat, focusing on the biggest losers. They also offer practical advice on navigating new financial realities, ensuring listeners are well-informed about what to expect.
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Pre-Budget Leak Undermined Impact
- The budget was heavily trailed and leaked, reducing surprise but raising concerns about how it will land politically.
- Aubrey Allegretti says the pre-release OBR leak gave opposition an hour's head start and unnerved ministers.
Many Small Taxes, One Big Burden
- The Chancellor used many smaller tax changes rather than one headline hike, spreading pain across different groups.
- Aubrey lists freezes, pension caps, mansion and EV taxes, gambling and landlord increases as cumulative revenue measures.
Redistribution Framed As Protection
- Reeves packaged tax rises with redistributive spending to present the budget as protecting working people.
- Measures include ending the two-child benefit cap, benefit uprating, living wage rises and a £150 cut to energy bills via green levy reductions.