Chancellor John Healey will announce the Government's tax and spending plans in his first Budget speech this afternoon. The measures are expected to affect millions of people and businesses in London and beyond.
Tax rises and economic growth
There has been growing speculation that the Budget will likely include tax rises, including a surcharge on bank profits that would hit the City of London. Mr Healey is also expected to seek economic growth through a major devolution of fiscal powers.
However, the Budget is likely to contain a number of measures to create "breathing space" for people struggling with the cost of living, including more help with rising energy bills.
Timing of the speech
The speech is expected to be delivered in the Commons after Prime Minister's Questions at midday. The Autumn Budget is taking place earlier than usual this year; last year, the Budget took place in late November, and it was held in November in 2017, 2018, and 2021.
Chancellor John Healey confirmed the date of the Budget before Parliament went into recess. He promised a Budget that will "move money and power out of Westminster and into every postcode around Britain".
First Budget under new leadership
It is the first Budget since Andy Burnham took over from Sir Keir Starmer, with sizable changes expected. Possible measures include a shake-up of the state pension and reforms for first-time buyers.
