Budget 2026: date, time and what to expect
The Autumn Budget 2026 is on Wednesday 28 October 2026. The Chancellor will set out tax and spending plans in the House of Commons, usually from around 12:30pm after Prime Minister's Questions. The Office for Budget Responsibility publishes its new forecast as the speech ends.
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Key facts
| Date | Wednesday 28 October 2026 |
|---|---|
| Time | Usually about 12:30pm, after PMQs (Treasury confirms on the day) |
| Where | House of Commons; live on BBC Parliament and parliamentlive.tv |
| Forecast | Office for Budget Responsibility economic and fiscal outlook, published as the speech ends |
| Headroom last time | £22bn against the main fiscal rule (OBR, November 2025) |
| Most tax changes start | 6 April 2027, the new tax year, unless the Chancellor says otherwise |
What's been ruled out
Ruled outRises to the main rates of income tax, employee National Insurance and VAT. These were manifesto promises and the government has repeated them.
That still leaves other routes. Income tax thresholds are already frozen until 2031, so more people pay higher rates as wages rise. This is called fiscal drag. Will income tax go up in the Budget?
What's been reported
None of these is confirmed. They are the ideas most often reported by tax advisers and the press in the run-up to the Budget, as of 22 October 2026.
- ReportedCapital gains tax changes, such as ending the reset of gains when someone dies. What is capital gains tax?
- ReportedLowering the planned high-value property charge from homes worth £2m to £1.5m. What is the mansion tax?
- ReportedChanges to pension tax relief or tax-free cash. This is rumoured before most Budgets and has not happened recently.
- ReportedA higher bank tax, with the energy profits levy continuing to 2030. What is a windfall tax?
- ReportedHelp for energy-intensive industry and targeted support on energy bills.
- ReportedHousing: unfreezing local housing allowance and details of a new-build scheme for first-time buyers.
- ReportedFuel duty: whether a planned rise goes ahead. Fuel duty UK explained
The numbers to watch
- Headroom. How much room is left under the fiscal rules. Higher gilt yields and debt interest have squeezed it this year. What is fiscal headroom?
- Borrowing. Public borrowing this year has been running above the OBR's forecast. What is the deficit?
- Growth forecast. A lower forecast means less tax coming in and less room to spend. What is GDP?
- Gilt yields. How markets react in the hour after the speech. What are gilt yields?
Supporters say public services and defence need steady funding, and that wealth and assets are taxed lightly compared with work.
Critics say the tax burden is already near a post-war high, and that higher taxes on investment and business slow the growth that pays for services.
Britain is split. Now you decide.
Write your own Budget in Population Decides, then see how you compare with the Chancellor and thousands of other players on Wednesday.
Play the Budget challenge freeCommon questions
When is the Budget 2026?
Wednesday 28 October 2026. The date was confirmed in a letter from the Chancellor to the Treasury Committee in July 2026.
What time does the Budget start?
Budget statements usually begin at around 12:30pm, straight after Prime Minister's Questions. The Office for Budget Responsibility publishes its forecast as the speech ends.
Will income tax go up in the Budget?
The government has said it will not raise the rates of income tax, employee National Insurance or VAT. Frozen thresholds, which pull more people into higher bands as wages rise, are already set to run to 2031.
What is fiscal headroom?
It is the margin between the government's planned borrowing and the limit set by its own fiscal rules. The OBR put it at £22bn in November 2025. A smaller margin leaves less room for tax cuts or extra spending.
Where can I watch the Budget?
It is shown live on BBC Parliament and the main news channels, and streamed on parliamentlive.tv. The full Budget documents go up on GOV.UK when the speech ends.
Last checked 22 October 2026. Sources: HM Treasury letter to the Treasury Committee (July 2026), OBR Economic and fiscal outlook (November 2025), RSM UK Budget predictions (15 October 2026), Big Issue (30 September 2026). Reported measures are not confirmed until the Chancellor announces them.