Chancellor Rachel Reeves has set the Autumn Budget for 26 November 2025, later than usual to allow the OBR more time to assess pro-growth reforms. However, the delay risks increasing uncertainty for businesses. The 30-year gilt yield briefly rose to 5.75 per cent, the highest since 1998, before easing slightly. This embodies market concern over fiscal discipline. Investors are reportedly pressing for spending restraint rather than tax hikes, given inflation remains elevated at 3.8 per cent and long-term borrowing costs are surging. Although not yet confirmed, analysts expect the OBR to revise down its productivity forecasts, potentially exposing a fiscal shortfall. With Reeves committed to borrowing rules and growth plans, markets are watching closely for credible spending control to anchor confidence and prevent further gilt volatility.
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