FTSE 100 Live: Entain, Flutter sound alarm in Reeves’ tax raid aftermath
Good morning and welcome back to the City PM liveblog.
The dust has settled on the Labour government’s second Autumn Budget and Brits have been left reeling from a £26bn tax raid.
Taxes collected as a share of GDP are set to jump to an all-time high in the coming years, according to the Office for Budget Responsibility (OBR).
They will go up to well over 38 per cent of GDP by 2030, the OBR said, a significant upward revision from their March forecast of around 37 per cent. That compares to 35 per cent in the 2024-25 fiscal year.
The cash grab spanned across landlords, pensions and the wealthy – all which were teased as targets in rogue briefings on the run-up to the big day.
But the day didn’t come without fresh drama with the UK’s fiscal watchdog accidentally leaking its own forecasts before Rachel Reeves had even taken to the despatch box.
The leak triggered chaos in the commons and markets but the Treasury and OBR have remained tight-lipped over future consequences as an investigation begins.
At the beginning of her speech, Reeves described the watchdog’s leak as “deeply disappointing, and a serious error on their part”.
Though elsewhere, the report warned of the “vulnerable” position left by the Budget.
“While this Budget addresses some fiscal risks and increases the margin held against the government’s fiscal targets, it still leaves the UK public finances relatively vulnerable to future shocks,” it said.
Here’s a run down of our top Budget stories:
- Budget 2025: Rachel Reeves announces £26bn tax raid
- Reeves launches stamp duty holiday for new listings
- What does the Budget mean for you?
- Cash ISA tax free allowance slashed to £12,000
- Reeves pushes ahead with ‘mansion’ tax
- OBR warns Budget leaves UK ‘vulnerable’ as tax burden hits all-time high