#ukbudget2025 — Public Fediverse posts
Live and recent posts from across the Fediverse tagged #ukbudget2025, aggregated by home.social.
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Budget 2025: New pension savings tax could cost workers more, experts warn
Workers could end up paying more to save for their retirement after the Chancellor confirmed a new pension savings tax in the Autumn Budget. From April 2029, anyone putting more than £2,000 a year into their pension through salary sacrifice will have to pay National Insurance contributions on the extra amount. National Insurance is the tax that funds state pensions and benefits, meaning workers will see less take‑home pay if they save above the cap.
The Treasury says the measure is designed to raise money as part of wider tax reforms. But pensions experts, consumer groups and campaigners warn it risks discouraging people from saving at a time when many households are already struggling with rising costs.
“Unpopular and disincentivising”
Salary sacrifice has been one of the simplest ways for workers to boost their pension pots, with both employees and employers saving on National Insurance.
Maike Currie, VP Personal Finance at PensionBee, said the change could undermine confidence in workplace pensions:
“Salary sacrifice is one of the most efficient ways for employees to save more for their future. Limiting the amount that can be contributed in this way is an unpopular move, disincentivising companies who provide workplace pensions and sending the wrong message to millions of basic rate taxpayers trying to save.”
Currie added that the government’s decision comes at a time when households are already under pressure, and that confidence in long‑term saving is vital to meeting retirement needs.
Industry and consumer concerns
Other industry figures echoed those concerns. Richard Knight, head of pensions at Burges Salmon, said the change “will hit employees who are trying to save responsibly” and adds complexity for employers, particularly smaller businesses.
Pensions UK, a national advocacy group, warned the cap could worsen Britain’s retirement savings gap. Executive Director Zoe Alexander said:
“Over half of savers are already on course to fall short of retirement income targets. Adding new costs to salary sacrifice risks widening that gap.”
Consumer campaigners pointed out that while the state pension will rise by 4.8% next April, frozen tax thresholds until 2031 mean more workers will be dragged into higher bands, reducing take‑home pay and pension affordability.
Treasury forecasts and government aims
The government argues the pension savings tax is necessary to protect revenues as more people use salary sacrifice to boost their pensions. The Office for Budget Responsibility (OBR) estimates the change will raise around £4.7 billion by 2031, money the Treasury says will help fund public services.
But analysts describe it as a “stealth tax,” warning that the measure will not only affect higher earners but also ordinary workers who try to save more than the £2,000 limit. Employers, too, will face higher National Insurance bills, reducing the incentive to offer generous workplace schemes. Critics say this risks undermining the very system designed to encourage long‑term saving.
What it means for savers
For employees, the change means salary sacrifice will remain in place, but its benefits will be capped. Anyone saving more than £2,000 a year through this route will see extra National Insurance taken from their pay packet, leaving them with less money each month.
Campaigners warn this could discourage workers from putting aside more for retirement, widening Britain’s savings gap. With Britain already facing a shortfall in pension provision, experts say stability and clear incentives are essential if the government wants people to keep saving for the future.
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Autumn Budget 2025: Westminster leak, Welsh impact
Rachel Reeves’s Budget was overshadowed by an OBR leak and fierce Commons clashes — here’s what it means for Wales.Autumn Budget 2025: Welsh parties clash over Reeves’s plans
Labour hails child poverty measures, Plaid warns Wales is shortchanged, Conservatives call it a “circus,” Reform and Lib Dems add criticism.Autumn Budget 2025: What more than 100 possible tax changes could mean for South West Wales
From income tax rises to energy bill shifts, we break down how Budget reforms could affect households and businesses locally.Tractors roll into Westminster as farmers protest Budget’s “family farm tax”
Farmers drove tractors into Westminster to protest inheritance tax reforms, warning of lasting damage to Welsh family farms.#autumnBudget2025 #budget #money #nationalInsurance #ni #nic #obr #officeForBudgetResponsibility #pensionSaving #pensions #rachelReevesBudget #rachelReevesMp #salarySacrifice #savings #ukBudget2025
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Tractors roll into Westminster as farmers protest Budget’s “family farm tax”
Farmers brought rush hour traffic to a standstill in Westminster on Wednesday, defying a police ban on agricultural vehicles to protest against the UK Government’s Autumn Budget and its proposed inheritance tax reforms.
Dozens of tractors entered central London from early morning, with signs reading “Starmer farmer harmer” and “rural communities betrayed by Labour.” The protest, organised under the banner Farmers to London: Budget Day, saw vehicles converge on Parliament Square and Whitehall as Chancellor Rachel Reeves delivered her statement in the Commons.
A protester’s tractor outside HM Treasury during the Budget Day demonstration, calling for the scrapping of inheritance tax reforms.
(Image: Gareth Wyn Jones)A decorated protest tractor outside Parliament, calling for political change and backing British farmers.
(Image: Gareth Wyn Jones)Tractors gather outside Parliament with signs urging support for farmers and food producers.The Metropolitan Police confirmed that several arrests were made after protesters breached conditions banning tractors from entering the area. At least 20 vehicles were stopped in Richmond and Westminster, but many reached the heart of government, where demonstrators called for the proposed “family farm tax” to be scrapped.
Journalist Toby Young described the protest as a “furious” response to Budget plans that would “force many to sell up.”
Ian Rickman, President of the Farmers’ Union of Wales, stands outside HM Treasury on Budget Day, calling for urgent reform of inheritance tax to protect Welsh family farms.
(Image: FUW)FUW: “Step in the right direction, but not enough”
The Farmers’ Union of Wales (FUW) said the Budget offered only a partial concession to Welsh family farms, with damaging inheritance tax reforms still set to come into force next April.
FUW President Ian Rickman welcomed the Chancellor’s decision to make the proposed relief for the first £1 million of agricultural and business assets transferable between spouses — a measure the Union had repeatedly called for.
“This is a step in the right direction, and one that will help ease the challenges of succession planning for many farming families,” said Rickman.
“It is also encouraging to note that the lifetime gifting rules remain unchanged — a mechanism the Union had urged the Treasury to preserve.”
However, Rickman warned that the wider reforms still represent an existential threat to Welsh family farms, risking unaffordable tax bills for those seeking to inherit and continue the family business.
“The Chancellor’s decision to press ahead with the government’s broader proposals for inheritance tax reform remains deeply disappointing, if unsurprising. These changes still risk causing lasting damage to rural communities.”
The FUW said it would continue lobbying MPs across all parties to support amendments to the Budget that would “ensure family farms can be passed on with confidence to the next generation.”
Gareth Wyn Jones: “We will not be silenced”
Welsh hill farmer and broadcaster Gareth Wyn Jones joined the protest in Westminster, sharing footage from Parliament Square and Trafalgar Square on social media.
In one video, he said:
“We’re here to stand up for our communities, our families, and our future. This Budget is a betrayal of everything rural Wales stands for.”
Jones also posted images of tractors lined up outside HM Treasury and called on MPs to “listen to the countryside before it’s too late.”
“We will not be silenced. Family farms are the backbone of Wales — and we’re not going anywhere.”
His posts were widely shared across farming networks and drew support from rural campaigners across the UK.
A protest tractor lists political figures on its “naughty list” during the Budget Day demonstration in Westminster.A protest tractor calls for fair treatment of British farmers, criticising import policies and Westminster decisions.Tractors enter central London in convoy during the Budget Day protest, escorted by police vehicles.For full coverage of the Autumn Budget 2025 and its impact on Wales, read our explainer here.
#autumnBudget2025 #budget #chancellor #farmers #farmersUnionOfWales #farming #fuw #hmTreasury #ianRickman #inheritanceTaxReforms #londonTractorProtest #rachelReevesBudget #rachelReevesMp #tractorProtest #ukBudget2025 #ukGovernment #ukParliament
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Just tax the rich. That’s it, that’s the toot.
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Worrying if true. I guess they can’t get the numbers to add up without destroying the environment on which we all depend even more than we are now? 🤨 #UKBudget2025 #ClimateEmergency #StopFossilFuels https://www.bbc.com/news/articles/c0r9gyjkky0o
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Reeves should switch 2p from NI to income tax anyway. This would make taxation of income more progressive and only make a difference to those with high earnings, as opposed to freezing thresholds which affects everybody. #UKBudget2025 https://www.bbc.com/news/articles/c0mx3nv7zy8o
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New commentary out in The Conversation, calling for a new, transformative, wellbeing and sustainability focused post-growth economic approach in the upcoming UK budget, based on our research on synthesising core principles for a transformative new economics discourse.