Jon Hickman
Partner, Corporate Tax Services
The Budget will take place on Wednesday 28 October 2026.
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 (OBR). 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 OBR. Unless forecasts drive an immediate need to raise revenue, the Spring Statements 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, John Healey will make the speech.
The Chancellor of the Exchequer John Healey will make his 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 new Prime Minister committed to the Labour manifesto pledge not to raise the main rates of tax on individuals – income tax, National Insurance and VAT – costly defence measures and more funding for local councils will need to be paid for. The Chancellor's agenda for businesses is less clear cut. To find out more about what our experts think will come up this year, read our predictions for the 2026 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 2026 Budget means for you and your business.
Jon Hickman