Medics Money podcast MDT: What is Reeves planning for the Budget?
Nov 11, 2025
Join expert accountant Andy Powell, who brings 30 years of experience advising doctors, as he discusses the potential implications of Rachel Reeves' upcoming budget. Andy delves into possible pension reforms, including the controversial return of the Lifetime Allowance. The conversation shifts to the effects of inflation on NHS pensions and speculation about VAT increases and their impact on small businesses. Plus, they explore national insurance changes and the future of ISAs, offering insights that could affect healthcare professionals nationwide.
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Pensions Likely In Chancellor’s Sights
- Pensions are a top budget target with options like reintroducing the lifetime allowance or cutting the annual allowance.
- Any change would disproportionately affect doctors with large defined-benefit NHS pension growth.
Match Pension Strategy To Scheme Type
- Consider how pension tax rules suit defined-benefit versus defined-contribution schemes when planning.
- For doctors, Andy suggests lifetime-allowance style limits might fit DB schemes better than annual allowance rules.
Inflation Feeds Into Pension Costs
- September CPI of 3.8% sets public-sector pension upratings and affects future government costs.
- Higher inflation increases fiscal pressure because many benefits and pensions rise with CPI.