The Autumn Budget is set to be delivered at around 12:30pm tomorrow (28 October)
A suite of cost of living measures are expected to be announced
But experts warn that the chancellor may need to raise taxes to make ends meet
The chancellor will likely announce the state pension will rise by 3.9% in April 2027
Pensioners with no other income than the state pension will reportedly be protected from income tax
Do you have a money question which you’d like to ask a financial expert? Email editor@moneyweek.com and your query could feature in our Budget coverage.
(Image credit: Justin Tallis/AFP/stu99/Wiktor Szymanowicz/Future Publishing via Getty Images)
Kalpana Fitzpatrick
Hello and welcome to our live coverage of the Autumn Budget.
Chancellor John Healey is due to kickstart his first Budget at around 12.30pm on Wednesday 28 October.
MoneyWeek reporters will bring you all the latest news and speak to the experts to bring you details on what the announcements mean for your finances.
You can also get involved – simply send us your pre and post Budget questions at editor@moneyweek.com and we will try and answer as many as possible via our experts.
We haven’t had many leaks from the chancellor, but here’s a recap of what we know so far:
State pension triple lock mechanism will change in 2030 if Labour wins the next election
A 3.9% state pension rise from April 2027 most likely to be confirmed
VAT removed from domestic electricity bills from 1 October
Proposals are in motion to change the Lifetime ISA in 2028, to be replaced with a new First Time Buyer ISA
Bus fares capped at £2
Your First Home scheme to replace Help to Buy
Reports suggest capital gains tax will not be hiked to be in line with income tax
The chancellor has some ‘headroom’ – a cash buffer the government has to meet its fiscal rules – but inflation and increased borrowing costs amid rising gilt yields mean this may now be at £11 billion, down from £24 billion, according to the Institute for Fiscal Studies.
This will inevitably add pressure to the chancellor as he will have to find funding either through taxes or welfare cuts. This will be a Budget to watch closely.
