Use this link to access the above document

CP 1439 – Office for Budget Responsibility – Economic and fiscal outlook – November 2025

Here is a summary of the main announcements and new measures announced by the Chancellor, with client‑ready resources to help you advise confidently.

Key highlights

Tax, savings and pensions

• ISA reform: £20,000 allowance retained, but £8,000 reserved for investments; over‑65s keep full cash flexibility.
• Income tax thresholds: Freeze extended to 2031, creating c.1m new taxpayers and 750,000 new higher‑rate taxpayers; Treasury gains £50bn over the decade.
• Capital gains tax relief: Reduced on disposals to employee ownership trusts, rais...