Chancellor Faces Big London Challenge in Budget to Fire up Britain
The Budget is expected to include higher taxes, pension reforms and a new levy on banks as the government seeks billions for public services and defence.
- Chancellor John Healey will deliver the first Autumn Budget on Wednesday, October 28, 2026, under Prime Minister Andy Burnham, outlining the government's tax and spending plans in the House of Commons.
- The Institute for Fiscal Studies warned the government faces a £35 billion shortfall to avoid cutting public services, while inflation rose to 3.5% in September and Britain's debt stands at £3 trillion.
- Prime Minister Burnham pledged to remove VAT from domestic energy bills, confirmed no changes to stamp duty rates this year, and the government plans to replace the Lifetime ISA scheme with a new homebuyer product.
- Financial experts urge savers to avoid making permanent pension or investment decisions based solely on rumors before the announcement, emphasizing the importance of understanding personal financial positions first.
- Future ISA rules will shift on April 6, 2027, reducing cash allowances to £12,000 for those under 65, as this budget serves as a critical test of the government's ability to balance spending ambitions with fiscal stability.
9 Articles
9 Articles
Autumn Budget 2026: bank tax will put the City's success at risk
It is 40 years since the Big Bang unleashed London to become the global financial centre that it is, but by hammering the sector with windfall taxes, John Healey risks putting that success at risk, says Chris Hayward Nigel Lawson’s Big Bang took London from a globally competitive financial and professional services sector to what [...]
The Independent
The Independent (US)Money moves to make before the Budget - and one key thing not to do
The first Budget of the Andy Burnham leadership is announced this week
Next Wednesday, Chancellor Healey delivers the Budget statement, PM Burnham’s first
Each year UK’s Chancellor of the Exchequer makes the Budget statement to the House of Commons outlining the state of the economy and the Government's proposals for changes to taxation. The government of PM Andy Burnham has announced that the Budget will take place this week on Wednesday 28 October 2026 and delivered by Chancellor MP John Healey. The last Budget was delivered Wednesday, 26 November 2025.
First-time buyer scheme income caps raised ahead of Budget
The government has increased income thresholds for its Your First Home scheme ahead of Wednesday's Budget announcement. The maximum household income cap has been raised from £90,000 to £110,000 outside London, whilst the London cap has increased from £110,000 to £140,000.
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