Budget 2025: Has Reeves saved her job?
The News Agents
Global
4.1 • 5.4K Ratings
🗓️ 26 November 2025
⏱️ 43 minutes
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Summary
This time last year, Rachel Reeves pledged that her tax raising Budget “wiped the slate clean” and would mean no more need for future tax raids. Today demonstrably proved what a hostage to fortune those comments were. As a result of the Chancellor’s statement today - shambolically accidentally leaked by the OBR before she had got to her feet - the tax burden is due to reach an all time high by the end of the decade. Due to her tax threshold freezes, one in four workers will pay the higher rate of income tax by 2030. There were unmistakably Labour themes in this Budget too - a mansion tax, the end of the two child benefit cap, betting firms also hit with further taxes. But is her calculation the right one? Will the voters stomach tax rises to pay for public services a ballooning welfare state? Or was this about securing her position in the party - if not the country? And what has happened to the Government’s mission for growth?
Jon and Lewis speak to Torsten Bell, the Treasury minister and so-called ‘mastermind’ behind this Budget.
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Transcript
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| 0:00.0 | The Newsagents podcast is brought to you by HSBC UK, opening up a world of opportunity. |
| 0:09.4 | This is a global player original podcast. |
| 0:12.9 | This was Rachel Reeves this time last year. |
| 0:15.6 | I'm really clear. I'm not coming back with more borrowing or more taxes. |
| 0:21.1 | And that is why at this budget, we did wipe the slate clean |
| 0:25.3 | to put public finances and public services on a firm footing. |
| 0:29.4 | And as a result, we won't have to do a budget like this ever again. |
| 0:33.3 | And this was Rachel Reeves today. |
| 0:35.2 | Madam Deputy Speaker, to break the cycle of austerity, |
| 0:38.6 | we need a fair and a sustainable tax system, |
| 0:41.5 | one that generates revenues to fund the public services that we all use, |
| 0:46.1 | and supports investment to grow our economy. |
| 0:50.0 | That does mean that today I am asking everyone to make a contribution. |
| 0:56.3 | Yeah, in Labour's manifesto only a year and a half ago, |
| 1:00.6 | they promised tax rises of £8.5 billion. |
| 1:04.6 | So far, they have raised £66 billion, including today's budget. |
| 1:11.5 | Can we now think they're finally done? |
| 1:13.8 | Or might they be coming back for more? |
| 1:15.7 | Welcome to the Newsagents. |
| 1:21.8 | The Newsagents. |
| 1:23.3 | It's John. It's Lewis. |
| 1:24.6 | And we are in Westminster, where the circus is in full swing on budget day. |
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