(Image: Annabel Lee-Ellis)
Chancellor John Healey has confirmed the date of his first Budget, with millions of households and businesses now waiting to see what it will mean for their finances.
The Budget will take place on Wednesday, October 28, with the Government promising a package focused on economic growth, jobs and giving families and businesses greater stability.
Mr Healey said the Budget would be about moving “money and power out of Westminster, and into every postcode around Britain”.
The Chancellor announced the date in a video message, saying the Government had already begun work to “kickstart growth in every postcode”.
He said ministers had backed British jobs, skills and businesses while also providing “a bit of breathing-space” for families and businesses feeling financially squeezed.
But the announcement stops short of revealing exactly what changes households can expect when the Budget is delivered.
The Chancellor said the Budget would be built around fiscal discipline and would meet the Government's fiscal rules.
He also promised to give businesses and families “some of the stability they need to plan for the future”.
That means the key details on tax, benefits, public spending and support for households are still to come.
Mr Healey said: “Today, I’m confirming the date of my first Budget as Chancellor will be Wednesday 28th October.
“This will be a Budget that moves money and power out of Westminster, and into every postcode around Britain.
“It will be built on fiscal discipline.
“It will meet our fiscal rules. It’ll give businesses and families some of the stability they need to plan for the future.”
What will the budget mean for pensioners?
The Budget will be closely watched by pensioners already facing pressure from the cost of living, as well as workers, savers and businesses waiting to see whether the Government announces changes affecting their finances.
The Government has already legislated for most unused pension funds and pension death benefits to come within the scope of Inheritance Tax from April 6, 2027.
That represents a major change to the way pensions can be used as part of estate planning.
The reforms mean people who have previously viewed their pension primarily as a vehicle for passing wealth to children or grandchildren may need to reconsider how their assets are structured.
There are exclusions, including certain death-in-service benefits, so the rules are not simply a case of every pension becoming subject to IHT.
Ben Black, wealth management consultant at Mattioli Woods, says: “This is one of the biggest reasons for people to review their estate plans now.
“The important point is that the change is already legislated for. This isn't simply a Budget rumour.
“For people with substantial pension funds, the question should be how their pension fits alongside their other assets and when they intend to draw on it.”
That could mean reviewing the order in which different assets are used in retirement, the intended beneficiaries of pension savings and the wider structure of an estate.
The Government published further technical details on the reforms as recently as August 2026, ahead of the April 2027 implementation date.
The Chancellor has also stressed the importance of economic growth, saying the Government has been working to support British jobs, skills and businesses.
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However, there are currently no confirmed details in the announcement on specific tax rises, cuts or new payments.
The October 28 Budget will therefore be the key date for households wanting to find out exactly what the Government's plans mean for their money.
Mr Healey ended his announcement with a simple message: “Now, let’s get on with the job.”