U.K.’s Reeves says taxes on wealthy ‘will be part of the story’ in next budget, Guardian reports

British Finance Minister Rachel Reeves has said higher taxes on the wealthy will be part of the story of her November 26 budget, the Guardian newspaper reported on Wednesday (October 15, 2025), citing comments from an interview.

Economic forecasters expect Ms. Reeves will need to raise about 30 billion pounds ($40.1 billion) through tax increases at the budget, after the government’s borrowing costs jumped by more than expected, a plan to cut welfare costs was dropped and signaling that growth forecasts will need to be lowered.

Asked whether higher taxes on the wealthy would feature in the budget, the report quoted Ms. Reeves as saying “that will be part of the story”.

The report added she had declined to comment on specific budget measures.

Ms. Reeves has previously said she did not think a standalone wealth tax was needed.

But in the Guardian interview she said concerns raised last year when she levied taxes designed to raise money from private schools and wealthy individuals had proved to be overblown.

“That scaremongering didn’t pay off, because this is a brilliant country and people want to live here. And I think, when people scaremonger again this year, we should take some of that with a pinch of salt,” she said.