UK Chancellor Rachel Reeves presented the government’s Autumn Budget to Parliament on Wednesday, announcing a series of measures aimed at raising revenue from workers, pension savers, and investors, in order to create fiscal space that allows her to meet the government’s borrowing targets.

Her remarks followed the unexpected publication of the Office for Budget Responsibility’s economic forecasts on its website prior to the budget announcement, an incident the OBR later described as a “technical error.”

The main measures announced by the Chancellor were as follows:

Freezing income-tax thresholds

The UK will freeze income-tax bands for an additional three years starting in 2028. The measure is expected to generate 7.6 billion pounds in the 2029/2030 fiscal year.

New tax on high-value homes

England will impose an additional local council levy on high-value properties beginning in 2028, including:

2,500 pounds annually for homes valued above 2 million pounds.

7,500 pounds annually for properties worth more than 5 million pounds.

The tax will be collected alongside existing council tax. It is expected to raise more than 400 million pounds by 2031 and will affect less than 1% of homes in the country.

Fuel-duty freeze

The government will extend the current freeze on fuel duty. The temporary 5-pence-per-litre cut, first introduced during the pandemic and due to expire in April 2025, will be extended until September 2026.

Successive governments have maintained the freeze since 2011 to avoid driver protests. Fuel duty remains a major source of revenue, generating roughly 25 billion pounds annually.

Ending the two-child benefit cap

The two-child benefit limit will be scrapped starting next April. The cap, imposed in 2017, prevents many low-income families from receiving additional support for a third child and beyond.

The OBR estimates that removing the cap will cost the government 3.1 billion pounds in 2029/2030.

New road-use charge for electric vehicles

A new distance-based charge for electric and plug-in hybrid cars will take effect from April 2028, set at:

3 pence per mile for electric vehicles.

1.5 pence per mile for plug-in hybrids.

The measure is expected to raise 1.4 billion pounds. The OBR noted it will offset roughly one quarter of the government’s projected revenue losses by 2050 due to the shift away from petrol and diesel.

Raising dividend taxes

The government will increase dividend-tax rates by two percentage points starting in April 2025:

The basic rate will rise to 10.75%.

The higher rate will increase to 35.75%.

Changes to business-property taxes

Reeves said reforms to Business Rates will include:

Higher taxes on high-value commercial properties.

A permanent tax reduction for more than 750,000 retail, hospitality, and leisure businesses.

The cuts will be funded through higher taxes on commercial properties valued above 500,000 pounds, including large corporate warehouses used for online operations.

Reform of the Motability programme

The Motability scheme, which allows people with disabilities to lease state-funded vehicles, will undergo reforms aimed at reducing what Reeves described as “generous support” funded by taxpayers.

Reduced pension-tax allowances

The government will introduce a 2,000-pound annual cap on contributions that can be transferred into pension funds before National Insurance is applied, beginning in 2029. The measure is expected to generate an additional 4.7 billion pounds in the 2029/2030 fiscal year.

Lower tax-free savings allowance

The annual tax-free savings limit for ISA accounts will be reduced from 20,000 pounds to 12,000 pounds for most savers beginning in April 2027, while those aged 65 and above will retain the full allowance.

Lower household energy bills

The UK will reduce the average household energy bill by 150 pounds per year starting next April by shifting some costs into general taxation and reducing the size of the home-improvement support programme.

Copper prices climbed on Wednesday as traders increased their bets on a Federal Reserve rate cut, alongside growing expectations of stronger industrial-metal prices.

UBS said it expects copper to rise next year, citing tightening supply caused by ongoing disruptions at major mines, in addition to long-term structural demand driven by electrification and clean-energy investment, according to a research note released Friday.

In its latest forecast update, the bank raised its March 2026 copper target by 750 dollars per metric ton to 11,500 dollars. It also lifted its June and September 2026 targets by 1,000 dollars each, to 12,000 dollars and 12,500 dollars, respectively, and introduced a new December 2026 target of 13,000 dollars per ton.

UBS also sharply increased its market-deficit projections to 230,000 tons for 2025, up from a previous estimate of 53,000 tons, and to 407,000 tons for 2026, compared with 87,000 tons earlier. The bank said falling inventories and persistent supply risks will keep conditions tight.

It added that this year’s mine disruptions—including production issues at Freeport-McMoRan’s Grasberg mine in Indonesia, slow output recovery in Chile, and recurring protests in Peru—highlight structural supply constraints likely to persist into 2026.

Freeport-McMoRan said last week it plans to resume production at Grasberg by July, after a fatal accident forced operations to halt two months ago.

UBS downgraded its refined-copper production-growth estimates to 1.2% for 2025 and 2.2% for 2026, citing ore-grade deterioration and operational challenges.

The bank expects global copper demand to grow 2.8% in both 2025 and 2026, supported by electric vehicles, renewable energy, grid investment, and data-center expansion.

UBS added that any downside in prices would likely be short-lived, recommending that investors maintain long positions or use volatility-selling strategies.

In US trading, March copper futures jumped 1.7% to 5.17 dollars per pound as of 15:51 GMT.

Bitcoin held relatively steady on Wednesday, maintaining its calm performance after slipping last week to a seven-month low, as investors cautiously assessed the rising odds of a US interest-rate cut and awaited the possible appointment of a new Federal Reserve chair.

The world’s largest cryptocurrency dipped 0.5% to trade at 87,536.7 dollars by 01:39 Eastern Time (06:39 GMT).

After sliding below recent support levels to nearly 80,000 dollars, the token recovered some ground to hover around 88,000 dollars, but remains locked in a narrow range amid cautious trading and subdued risk appetite.

Rising rate-cut bets… and anticipation over a possible new Fed chair

Investor optimism about a December rate cut increased, as weaker-than-expected US economic data revived expectations that the Federal Reserve could soon ease borrowing costs.

At the same time, speculation that Kevin Hassett — a close adviser to Donald Trump — could replace the current Fed chair injected fresh momentum into markets. Reports indicated that Hassett is viewed as someone likely to support a more aggressive rate reduction if appointed.

Many believe this scenario would pave the way for a more accommodative monetary stance, typically supportive of high-risk assets such as cryptocurrencies.

Still, digital-asset investors remain cautious after the recent slide. The sharp drop and heightened volatility rattled market confidence, leading many participants to avoid large positions until the economic signals and policy outlook become clearer.

CFTC calls for nominations to new “Executive Innovation Council”

The US Commodity Futures Trading Commission (CFTC) is inviting nominations for its proposed new “Executive Innovation Council,” an initiative introduced by acting commissioner Caroline D. Pham to expand US oversight of cryptocurrencies and digital-asset markets.

Announced on Tuesday, the council aims to provide industry-led guidance on regulating digital assets, tokenized collateral, stablecoins, and other emerging market-structure issues.

Nominations must be submitted by December 8, including the candidate’s name, position, affiliated organization, and proposed areas of focus.

Pham described the initiative as “essential for moving quickly” as the agency broadens its supervision of the digital-asset sector.

Cryptocurrency prices today: slow action among altcoins

Most alternative cryptocurrencies saw muted price action on Wednesday, trading within tight ranges.

Ethereum, the second-largest cryptocurrency, rose 0.4% to 2,934.92 dollars.

XRP, the third-largest token globally, fell 2.2% to 2.19 dollars.

Oil prices stabilized on Wednesday after falling in the previous session to a one-month low, as investors assessed the prospects of an oversupply and the ongoing discussions related to a potential peace agreement between Russia and Ukraine.

Brent crude futures rose by 13 cents to 62.61 dollars per barrel as of 11:35 GMT. US West Texas Intermediate crude gained 19 cents to 58.14 dollars per barrel.

Priyanka Sachdeva, analyst at Phillip Nova, said: “The market remains fundamentally skewed toward the downside, as investors increasingly price 2026 as a year of supply surplus, with no convincing catalyst on the demand side to offset it.”

Both Brent and WTI settled 89 cents lower on Tuesday after Ukrainian President Volodymyr Zelensky told European leaders he was ready to move forward with the US-backed framework to end the war with Russia, with only a few points of contention remaining.

Tony Sycamore, analyst at IG Market, said in a note to clients: “If a final agreement is reached, it could lead to a rapid unwinding of Western sanctions on Russian energy exports, potentially driving WTI prices toward 55 dollars per barrel.”

He added: “For now, the market is waiting for more clarity, but risks appear tilted toward lower prices unless talks stall.”

US President Donald Trump said he instructed his representatives to meet separately with Russian President Vladimir Putin and Ukrainian officials. A Ukrainian official said Zelensky may visit the United States in the coming days to finalize the agreement.

The United Kingdom, the European Union, and the United States have tightened sanctions on Russia in recent weeks, while India’s imports of Russian oil are expected to fall to their lowest level in three years in December.

On the supply front, the OPEC+ alliance is likely to keep production levels unchanged at its meeting on Sunday, according to three OPEC+ sources quoted by Reuters on Tuesday.

Meanwhile, the Caspian Pipeline Consortium (CPC) said it resumed oil loading overnight after operations were suspended earlier in the week following a Ukrainian drone attack.

US crude inventories fell last week while fuel stocks increased, according to market sources on Tuesday citing data from the American Petroleum Institute.

Official inventory data from the US Energy Information Administration is scheduled for release on Wednesday at 10:30 a.m. Eastern Time (15:30 GMT).