Not everyone is convinced that Reeves’ move to go for a Winter Budget instead of an autumn one is wise. Winter is coming…
26 November is the latest possible date on which Reeves could hold the budget. She’s heading down the chimney, leave your pension and primary residence on the mantelpiece…
Stephen Herring, former Head of Taxation at the Institute of Directors, tells Guido:
“Firstly, there will be less time to fine-tune the Finance Bill provisions for any tax measures (especially new taxes) coming into force on 6 April 2026.
Secondly, waiting for some good economic news to occur in the extra few weeks will backfire if there is further bad news on growth and interest rates or government debt, tax collections, government spending or inflation.”
James Quarmby, founding partner at private wealth managers Stephenson Harwood, adds that the “Treasury is like a leaky bucket” and advisers are seeing a “spike of clients saying: ‘Can you get me out of the UK because she’s going to bring in an exit tax.’” An exit tax is case in point – unlikely to occur in reality, in people’s heads thanks to panicked Treasury briefing about a range of tax rises…
The decision to delay the budget until winter will therefore lead, Quarmby says, to “another two months of monstrous suggestions… the lead up to the first budget she held was torturous, it’s déjà vu… the last thing you want just before Christmas.” Nothing burns like the cold but taxes…
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