Instant reaction from our team of experts following the Autumn Budget announcement
The Chancellor’s Autumn Budget 2026 delivered a mixture of tax rises, targeted support measures and reforms aimed at driving growth. While founders, pensioners and some small businesses were handed incentives and reliefs, landlords, savers and investors face significantly higher tax bills. Our specialists share their immediate reactions to the announcements.
Nimesh Shah, CEO: “This is more than a cost-of-living Budget”
Perhaps the most striking theme to emerge from today’s statement was the scale of intervention across multiple areas of the economy.
“This is a significant state intervention on energy. This is more than a ‘cost of living’ Budget; it fundamentally changes the direction of the country’s energy strategy,” said Nimesh Shah.
He also highlighted the significant tax increases for landlords and savers, warning that rates of up to 49% could accelerate the move towards companies and tax-efficient wrappers. On founders’ relief, he welcomed the new 10% rate on the first £10 million of gains, but noted comparisons with the previous Entrepreneurs’ Relief regime.
Heather Powell, Partner and Property and Construction Lead: “The final nail in the coffin for private landlords”
One of the biggest talking points from the Budget was the increase in taxation on rental income.
“The final nail in the coffin for private investors in rental properties” was how Heather Powell described the announcement.
She warned that higher tax rates, combined with continued restrictions on interest relief, could encourage more landlords to leave the market, reducing rental supply and potentially increasing rents for tenants.
Malli Kini, Partner Entrepreneurial Services co-lead: “The devil will be in the detail”
The introduction of a new Founders’ Relief was one of the Chancellor’s most pro-growth measures.
According to Malli Kini, the relief “could make the UK a far more attractive place to start and grow a business”. However, he cautioned that the detail will determine whether the measure achieves its aims.
“If the qualifying conditions are too narrow, many long-standing family businesses and smaller owner-managers will find themselves worse off overall, while the benefit goes mainly to venture-backed start-ups.”
Michael Holland, Partner and US Expansion Lead: Founders need certainty, not complexity
While founders may welcome the new reliefs, Michael Holland believes the Government must provide greater clarity around how business owners will be taxed.
“Rewarding founders for building businesses and policing profit extraction are different objectives. The UK needs a clear boundary between the two,” he said.
He added that entrepreneurs expanding internationally need confidence and certainty when making long-term decisions around ownership, investment and eventual exits.
Tomm Adams, Partner, Global Mobility: “Lots of great ideas, but no clear thoughts on execution”
Pensioners received a number of positive announcements, including continued support through the Triple Lock and further help with energy costs.
However, Tomm Adams believes the Government still has significant work to do on implementation.
“Lots of great ideas, but no clear thoughts on execution,” he said, highlighting unanswered questions around administration and the practical delivery of several measures.
He also warned that inheritance tax reporting requirements on pension assets continue to place a growing burden on families and personal representatives.
Fiona Fernie, Partner, Private Client
On business mileage rates, she welcomed the increase but suggested many employees would see it as “overdue rather than generous” after years of rising motoring costs
She also supported replacing the Carer’s Allowance cliff-edge with a taper system but warned that poor implementation could simply replace one problem with another.
“Poorly designed tapers may create complexity and unexpected effective marginal tax rates,” she said.
Artur Vorobyev, Director, Audit Accounting & Outsourcing: Banks escape the worst-case scenario
The banking sector faced another increase in taxation, though not as severe as many had feared.
According to Artur Vorobyev, the Chancellor appears to have recognised the importance of maintaining the UK’s competitiveness as a financial centre.
However, he warned that higher taxes may ultimately affect the amount of capital available for lending and investment at a time when economic growth remains a key Government objective.
Elisa Sofocli, Partner, Global Mobility: Relief for businesses, but cost pressures remain
For smaller businesses, the increase in the business rates relief threshold will provide welcome support.
But Elisa Sofocli cautioned that the savings are unlikely to fully offset rising employment costs.
“While every saving helps, it is unlikely to fully offset the increase in employer costs,” she said.
She described the changes as valuable breathing space for high street businesses while also providing greater certainty through the Government’s commitment to limit future increases.
The verdict
This was a Budget that tried to balance growth, support and revenue raising.
It offered incentives for founders, relief for some businesses and pensioners, and reforms designed to address long-standing complaints about cliff-edge benefits. But it also delivered significant tax increases for landlords and investors, introduced new complexities, and left many questions unanswered about implementation.
The real impact of the Autumn Budget 2026 will depend not on today’s announcements, but on how successfully those policies can be delivered in practice.
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