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UK Chancellor to deliver first Budget on 28 October

The Office for Budget Responsibility will publish an economic assessment and forecast alongside the Budget materials.

Reported · Written up by our desk · Europe

BBC Business reports that UK Chancellor John Healey will deliver Labour's first Budget on 28 October, setting out the government's tax and spending plans.

Healey has declined to rule out tax increases after acknowledging government borrowing costs are at historic highs, with the Treasury to publish details of the measures and their costs alongside the Budget.

Before the 2024 general election, Labour promised not to raise three major revenue sources, income tax, National Insurance, and VAT, according to the outlet.

The independent Office for Budget Responsibility will also release an assessment of the health of the UK economy and a forecast of what it expects to happen in the future as preparations for the Budget typically spark speculation.

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