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Autumn Budget Steadies Markets but Skirts Structural Problems

November 28, 2025
By Gee Lefevre, Kabir Seehra, Jessica Egan & Professor Jonathan Portes

The UK’s 2025 Autumn Budget arrives at a moment when the nation’s economic pulse is steady enough to avoid alarm, yet far too faint to inspire confidence. Confronted with stubbornly weak productivity, elevated borrowing costs and political pressure from all sides, the Chancellor has delivered a Budget that steadies the near-term fiscal picture while quietly deferring much of the hard work to the future. Short-term reassurance is achieved, but primarily through tax rises that materialise only in the late 2020s.

Our Management Consulting team examines the economic, fiscal and sectoral implications of the Budget, highlighting how its immediate stabilising effects give way to deeper, longer-term pressures for households, businesses and the wider UK economy.

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The views and opinions in these articles are solely of the authors and do not necessarily reflect those of Teneo. They are offered to stimulate thought and discussion and not as legal, financial, accounting, tax or other professional advice or counsel.

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