UK Autumn Budget takes place this week

On Wednesday at 12:30pm Chancellor Rachel Reeves will deliver her second Budget with much speculation that tax rises and Government department spending cuts will feature for the second time. But will the Chancellor break the Government’s manifesto pledge? In just two days’ time we will know all the details. After last year’s Budget the Chancellor had £9 billion "headroom" in case of tougher times, which certainly have come to pass since President Trump took up office in January. On Wednesday the Institute will be analysing and reacting to the Budget with full analysis to follow in next Monday’s Chartered Accountants Tax News. The Institute’s Pre-Budget submission is also available to read.

Ahead of the Budget:

• HM Treasury published the transcript of what is referred to as a scene setter speech delivered by the Chancellor earlier this month,
• The House of Commons Library published an economic insight article about how slow economic growth could impact the Chancellor’s Budget decisions,
• The Federation of Small Businesses is urging the Government to ease cost pressures and back entrepreneurship at the Budget,
• The House of Commons Treasury Committee published details of an evidence session examining the issues facing the Chancellor ahead of the Budget, and
• The House of Lords recently debated the impact of government economic and taxation policies on jobs, growth, and prosperity, and
• As part of its inquiry into the draft Finance Bill Clauses, the House of Lords Economic Affairs Finance Bill Sub-Committee held further evidence sessions on 27 October, 3 November and 10 November after the Institute’s UK Tax Manager, Leontia Doran, delivered oral evidence on the changes to agricultural property relief and business property relief to the Committee on 20 October.

Ahead of the Scottish Budget which will take place on the later date of 13 January 2026, the Scottish Parliament has published the Finance and Public Administration Committee’s report on pre-budget 2026/27 scrutiny. Revenue Scotland has also published a summary of a round table event held with the Centre for Public Policy to discuss devolution of tax in Scotland. The round table, which is part of a series of events in a year-long celebration to mark Revenue Scotland’s tenth anniversary took place after the Scottish Tax Conference in September.

In Wales, the draft 2026/27 Budget was published in October and the detailed draft Budget was published earlier this month, with the final Budget expected to be published on 20 January 2026.