Here are 5 important things happening in the UK today, Monday (3 November 2025).
- Reeves ‘weighing up more than a hundred tax and spending plans’:
Rachel Reeves is considering more than one hundred separate tax and spending measures as she bargains with the Office for Budget Responsibility (OBR) over the size of the financial shortfall.
The Chancellor is understood to be looking to target the top third of earners to close her £30 billion fiscal gap, but government sources said there was still “considerable uncertainty” over the level of tax rises that would be needed to cover the shortfall. [The Times]
- Tax rises and drop in investment predicted to limit UK growth: The prospect of looming tax rises and a fall in business investment will restrict the UK’s economic growth rate next year to less than 1%, according to a health check of the economy by a leading consultancy. With less than four weeks before Rachel Reeves delivers her budget on 26 November, the EY Item Club has downgraded Britain’s growth for next year, indicating that the economy will continue to expand at a sluggish pace, limiting tax receipts and the chancellor’s financial room for manoeuvre. [Guardian]
- UK credit scores to include rental payments: Rental payments will be reflected in credit scores, one of the UK’s main credit agencies has said. Experian said it was overhauling its scoring system to better reflect “more of the everyday financial behaviours that matter” which included things “like paying rent or reducing overdraft use”. The new system will see the maximum credit score someone can have go from 999 to 1250, and will also give more guidance on how borrowers can improve their creditworthiness. [BBC]
- Bank of England likely to slow rate-cut cycle this week: The Bank of England looks likely to keep interest rates on hold on Thursday, slowing its pace of cuts for the first time since it started to loosen policy last year, although some analysts do now expect a reduction after softer inflation and wage data. The BoE’s most recent rate cut – by a quarter-point to 4% in August – only passed by a 5-4 margin after two rounds of voting by the Monetary Policy Committee. In September, Governor Andrew Bailey said the pace of rate cuts, which the BoE has delivered once every three months since August 2024, was “more uncertain”. [Reuters]
- On Monday, Oil was trading higher at $65.09. The pound is trading at $1.31, €1.14, and ¥9.36.

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