Rachel Reeves' upcoming Budget sparks rush for 1 product

A gold bullion supplier says sales of the precious metal have more than doubled amid "uncertainty" over next week's Budget. Solomon Global has reported a 122% year-on-year increase in sales last month, compared to October 2024.

Sales in September also saw a year-over-year increase of 85%, the company stated. Solomon Global said an appetite for tax-free gold has been fuelling the rise, suggesting buyers are concerned Rachel Reeves could introduce new levies on gold and other precious metals which are currently exempt from Capital Gains Tax (CGT).

Managing director Paul Williams said: "Uncertainty and fear [is] abound ahead of the Budget with many concerned about what is in Reeves' sights as she scrambles to plug the budget black hole.

"Following her U-turn on a manifesto-breaking income tax hike, raids on people's pockets could come from anywhere, from a 'mansion tax' or 'settling up' tax (as part of CGT changes) to new inheritance tax rules, reduced cash ISA allowances, or even a 'milkshake tax'.

"It's apparent that gold continues to stand out to investors as a stable, tax-efficient asset, offering refuge amid the UK's economic chaos."

Solomon Gold said nearly half (45.97%) of more than 10,000 visitors surveyed on its website cited gold's tax-free status as the main reason for considering purchasing the metal.

This an increase of more than four percentage points when compared to the first half of 2025 (41.89%).

It's also up from 37.51% in the second half of 2024, according to figures released by the company.

In the UK, gold, silver and platinum bullion coins produced by The Royal Mint are not subject to CGT.

Gold investment is also exempt from VAT.

The Chancellor is set to unveil her Budget on Wednesday, November 26.

Ms Reeves last week scrapped plans to raise income tax rates due to improved economic forecasting.

However, reforms to taxes are still expected as she looks to fill a gap in her spending plans.

Ms Reeves is also facing fresh pressure from farmers to axe plans to introduce inheritance tax on farming land and businesses, with the National Farmers' Union saying she "cannot keep taxing businesses into the ground".