Bulletin: U.K. Public Finances Remain Constrained Despite Announced Revenue-Side Measures In Autumn 2025 Budget

This report does not constitute a rating action. LONDON (S&P Global Ratings) Nov. 27, 2025--S&P Global Ratings today said that it expects fiscal pressures on the U.K. (AA/Stable/A-1+) will persist over the medium term, despite significant revenue-raising measures announced in the Autumn Budget, presented by the Chancellor of the Exchequer Nov. 26, 2025. We consider the U.K.?s fiscal position as vulnerable and one of the key constraints on our sovereign rating. The U.K.?s sizable recent fiscal deficits averaging 5.5% of GDP over 2022-2024 have largely been driven by a significant rise in spending that has not been fully matched by revenue growth. Between 2019 and 2024, while general government revenues rose by 2 percentage points of GDP, spending increased by

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