Jon Hickman
Corporate Tax Partner
The Autumn Budget is likely to take place on Wednesday 29 October but this has not been confirmed yet.
The Chancellor must make two statements to Parliament each year about the progress of the economy based on and responding to economic forecasts produced by the Office of Budget responsibility. Historically, in recent years, this has resulted in a Budget statement in the spring and autumn, however, the Labour government have now committed to having just one Budget a year in late autumn, with a Spring Fiscal Statement. This is to try and bring in stability and simplicity for businesses, allowing more time for changes to be prepared for and made.
In the Autumn Budget, the Chancellor announces the main tax changes for the year ahead, and outlines the state of the economy and the latest predictions by the Office of Budget Responsibility (OBR). Unless forecasts drive an immediate need to raise revenue, the Spring Statements for will not be used to announce tax changes.
It has not yet been announced, but in previous years most fiscal statements to Parliament are made at approximately 12:30pm, straight after the Prime Minister’s questions.
Budget speeches usually last about an hour. The longest ever speech was by William Ewart Gladstone in 1853 which lasted 4 hours and 45 minutes. The shortest speech was given by Benjamin Disraeli in 1867 and lasted 45 minutes.
The Chancellor of the Exchequer, Rachel Reeves will make the speech.
The Chancellor of the Exchequer Rachel Reeves will make her statement in the House of Commons.
The Autumn Budget is likely to see a raft of tax changes aimed at raising revenue for the Government. Although the Chancellor has committed to not raising taxes for 'working people', there are likely to be significant changes to wealth and property taxes, as well as reforms to pension tax reliefs and inheritance tax. The Chancellor's agenda for businesses is less clear cut, but may involve business rates reform and further changes to R&D and VAT systems. To find out more about what our experts think will come up this year, read our predictions for the 2025 Autumn Budget.
All ministers have a red box for briefing papers. A red box has been used to carry the Chancellor’s speech from Downing Street to the House of Commons for over one hundred years, started by William Gladstone in 1860. Holding the red box up to the press in Downing Street is the classic image of Budget day in the UK. The word ‘Budget’ itself comes from a French word ‘bougette’, meaning little bag.
An Emergency Budget is unscheduled, and reacts to outside forces, and is often geared towards solving a particular crisis, like that of Autumn 2022.
Follow our coverage of the announcements here and what the Autumn Budget means for you and your business.
Jon Hickman