Blog

On Wednesday 19 November the Senedd held a wide-ranging open debate on whether a wealth tax would work for Wales, with members presenting sharply contrasting views on the proposal's practicality, economic impact and moral imperative. The two-hour debate, opened by Labour MS Julie Morgan and co-sponsored by John Griffiths (Lab) and Jane Dodds (Lib Dem), examined proposals for a 2% annual levy on assets exceeding £10 million.

The Welsh Senedd witnessed a dramatic evening on Wednesday 19 November as a Plaid Cymru motion on the UK Budget failed to secure support, whilst an amendment from the Labour Welsh Government fell on a tied vote requiring the casting vote of the Llywydd (Speaker). The debate exposed deep divisions between the parties over Wales's relationship with Westminster and the effectiveness of Labour's 'partnership in power'.

This is our collation of the latest rumours around what will be in the 26 November 2025 Budget, initially put together on Friday 14 November but updated daily on weekdays until Budget day.

Britain’s property tax system is outdated and economically incoherent, but reforming it will not be simple, experts said at a joint CIOT and IFS debate.

The Treasury Committee heard evidence on 12 November 2025 from a panel of property tax experts ahead of the Budget on 26 November, with three of the four witnesses agreeing that stamp duty land tax (SDLT) should be abolished, though views diverged on what should replace it.

On 3 November, the House of Lords Finance Bill Sub-Committee heard the views of pension industry representatives and two ex-ministers on the government’s proposals for applying inheritance tax to unused pension pots. Peers and witnesses alike expressed concern about the practicalities of the proposals, particularly the responsibilities being put on personal representatives.

As the Tax and the Family project closes down, Leonard Beighton looks at where the tax and benefit system is today, particularly in relation to families, and how the many issues it faces might be tackled.

On 28 October 2025, the House of Commons Treasury Committee examined the taxation of the gambling industry ahead of the Budget. The committee published a report the following week calling on the government to sharpen the differentiation between physically present gambling related to horseracing or arcades, versus more harmful online games.

On 27 October 2025, the House of Lords Finance Bill Sub-Committee took evidence on proposed changes to Business and Agricultural Property Reliefs. Industry leaders warned that the changes risk creating liquidity crises, valuation disputes and emotional hardship for owners.

Major speeches from Reform UK’s leader and deputy leader this week highlighted significant developments in the party’s economic strategy, and the way forward for further policy development.