Autumn Budget live: Will chancellor John Healey raise taxes?
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.