Chancellor John Healey will present his first Budget as Chancellor on Wednesday 28 October 2026, the House of Commons Library confirms in its background briefing. Healey became Chancellor on 20 July 2026, when Andy Burnham became Prime Minister, and this is the first Budget of Burnham's government — a little over three months after the change of leadership.

What the Chancellor has promised

The Chancellor has said the Budget will move "money and power out of Westminster, and into every postcode around Britain". He has also said the Budget will meet the fiscal rules, control borrowing to lower inflation and reduce long-term pressures on the public finances, and will include plans "to give families and businesses a bit of breathing space" following the rise in prices since the start of the current Israel/US conflict with Iran. The Chancellor usually stands up at about 12:30 p.m., after Prime Minister's Questions at noon, with the exact time depending on how long PMQs runs.

What is confirmed, and what is only rumour

Already confirmed ahead of Budget day: income tax rates, VAT and employee National Insurance are not going up; the state pension triple lock stays until 2030; VAT on electricity bills was removed on 1 October; and the ISA annual allowance holds at £20,000 for 2026/27. Widely rumoured but not confirmed are capital gains tax reform, pension tax changes and inheritance tax adjustments — while stamp duty abolition and council tax replacement this year have been ruled out. The Office for Budget Responsibility will publish revised forecasts on the same day, with its five-year forecast extending to 2031/32 for the first time. Its previous March 2026 forecast was finalised before conflict escalated in the Middle East, which the OBR acknowledged could have very significant impacts on the global and UK economies.