Response to the Chancellor’s Pre-Budget Speech from Grant Thornton UK

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Responding to the Chancellor's Pre-Budget Speech on 4 November, Abby Agopian, Head of Tax Policy at Grant Thornton UK, said:

“The Chancellor is faced with a complex tension to navigate - the need to raise revenues to remain within the fiscal rules whilst delivering on the mission to kickstart economic growth. This dilemma is made even harder by the political constraints of the manifesto pledges.

“It’s long been an expectation that this Autumn Budget would include tax rises – in our June Business Outlook Tracker (June 2025) 75% of 600 business leaders expected further business tax increases this year – though today’s speech provided no more detail on where any tax rises could come from.

“Uncertainty makes planning for individuals and businesses difficult. It is vital at the Budget that the Government’s focus extends beyond how the fiscal gap is addressed in the short term. There is a need to set out a longer-term approach, so we don’t end up in this cycle again where from the summer onwards there is mass speculation about potential tax rises, and the uncertainty for businesses and individuals that speculation brings.”

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