05 Nov 2025In a pre-Autumn Budget speech from Downing Street, Chancellor Rachel Reeves has refused to rule out raising taxes in the upcoming Autumn Budget on 26 November. Ms Reeves used the speech to outline the challenges facing the government, and highlighted her priorities in regard to Autumn Budget measures. Beginning her speech, Ms Reeves said she will 'make the choices necessary to deliver strong foundations for the economy' and stated that the government's priorities are protecting the NHS; reducing national debt; and improving the cost of living. The Chancellor said: 'I want people to understand the circumstances we are facing, the principles guiding my choices and why I believe they will be the right choices for our country. 'The choices I make in the Budget this month will be focused on getting inflation falling and creating the conditions for interest rate cuts to support economic growth and improve the cost of living.' No. 10 refused to re-commit to the manifesto pledges made by Labour before the election, which has led to speculation in regard to potential tax rises that could be unveiled in the Budget. Previously the Labour Party had promised not to increase Income Tax, National Insurance (NI) or VAT.