Looking Ahead to the Upcoming Budget

As the next UK Budget approaches, Moray Chamber of Commerce is focused on ensuring the voice of Moray’s business community is heard. This update arrives at a critical time for local enterprises navigating rising costs, workforce challenges and ongoing economic uncertainty.

We will be analysing the Budget’s implications for businesses of all sizes across Moray; from support for growth and investment to measures affecting taxation, infrastructure and skills. Our goal is to provide members with clear, timely insight into what the announcements mean in practice, and how they can prepare for the opportunities and challenges ahead.

The Scottish Chambers of Commerce (SCC) and other key Scottish business organisations have urged Chancellor Rachel Reeves to use the upcoming Autumn Budget on November 26th to focus on economic growth and stability, specifically calling for a VAT cut for hospitality and tourism, reform of business rates, and a reduction in the tax burden on Scotch Whisky. 

Key Requests from the Scottish Chambers of Commerce:

• VAT Reduction:  SCC has repeatedly called for both a cut in VAT for the hospitality, retail and tourism sectors to support businesses facing rising costs and boost consumer spending.
• Business Rates Reform: Advocating for extra business rates relief in Scotland, pointing to the "positive impact of the reform of business rates in England" as evidence for why the current Scottish system is "unfair, punitive and makes it ever harder for our high streets to compete".
• Tax Burden on Scotch Whisky: Along with other industry bodies like the Scotch Whisky Association, SCC has called for the Chancellor to reduce the high G7-leading tax burden on Scotch Whisky to support a vital sector for Scotland's economy and tourism.
• Workforce and Skills: The SCC has also pressed for targeted investment in training aligned with business demand and a clearer international workforce strategy to address key skills gaps.
• Apprenticeship Levy: They seek greater clarity and focus on the Apprenticeship Levy, which they view as "unfit for purpose" in its current form. 
   

The Autumn Budget will take place on 26 November 2025, and it is widely expected that there will be tax rises.
Recent comments from both Prime Minister Sir Keir Starmer and Chancellor Rachel Reeves have left open the possibility of Labour breaking its manifesto pledge not to increase income tax, VAT or National Insurance. Other speculated changes include a greater focus on taxing wealth and assets. These developments could have important implications for financial and estate planning.

Saffery is hosting a Budget Webinar on the morning of Thursday 27 November, 08.30-09.30

Expert speaker, Adam Kay, will examine the implications of the Chancellor’s announcements for both individuals and businesses.

The session will be held on Zoom and will last approximately an hour. Click HERE to register.

What to expect? 

Autumn Budget 2025 webinar - what you need to know

With much anticipation and speculation in the press about the forthcoming Budget on 26 November, join Johnston Carmichael's tax specialists as they delve deeper into the detail following the announcements.

Join John McAuslin, Partner and Head of Corporate Tax, Alex Docherty, Partner and Head of Private Client Tax & David Ward Partner and Head of Specialist Taxes for insight and analysis of the Budget and what the announcements mean for you, your business, and the economy as a whole. 

Join the webinar HERE