Straitjacketed by a manifesto that promised not to raise income tax, National Insurance or VAT on “working people” – and stymied by an exodus of people wealthy enough to seek financial safety elsewhere – the Labour party is scrambling to raise enough revenue to fill a £20bn fiscal black hole.

As the 2025 autumn Budget draws ever closer, there is increasing apprehension as to whether Chancellor Rachel Reeves is going to employ a “mansion tax” to help balance the books.

In today’s Daily T, Tim is joined by Jacob Rees-Mogg and Allister Heath to preview what’s set to be an “horrendous” upcoming Budget, why time is running out for both Keir Starmer and Rachel Reeves and how the right needs to unite ahead of a possible early general election in 2027.

Producer: Hugo Verelst-Way

Additonial production from Mikey Olympitis

Senior Producer: John Cadigan

Video Producer: Will Walters

Studio Operator: Meghan Searle

Executive Producer: Charlotte Seligman

Social Producer: Nada Aggour

Editor: Camilla Tominey

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