The UK government typically announces the Autumn Budget in late October or early November each year.
What is the Autumn Budget?
The Autumn Budget (officially just called the Budget) is a key financial and economic statement made by the UK government, usually delivered by the Chancellor of the Exchequer in the autumn (typically October or November).
What date is the UK Autumn Budget?
As of now, the UK government has not confirmed the exact date for the 2025 Autumn Budget.
Traditionally, the Autumn Budget is delivered in late October or early November. For instance, the 2024 Autumn Budget was presented on 30 October 2024. It's anticipated that the 2025 Autumn Budget will occur around a similar timeframe, but the specific date has yet to be announced.
However, the Chancellor of the Exchequer, Rachel Reeves, delivered a Spring Statement on 26 March 2025, which provided an update on the government's fiscal policies and economic forecasts.
Read more about the Spring Statement here: When is the Spring Statement?
What time is the Budget?
The UK Budget typically starts at around 12:30 (UK time), immediately after the Prime Minister’s Questions, which usually concludes around 12:30 on a Wednesday.
The Chancellor of the Exchequer delivers the Budget statement to the House of Commons, and it usually lasts for about an hour, followed by responses from opposition parties and debates.
What does the Autumn Budget include?
The Autumn Budget includes a comprehensive overview of the UK government's plans for taxation, public spending, and the economy. It’s one of the most significant financial announcements of the year, outlining the government's fiscal strategy.
Key components of the Autumn Budget:
- Economic forecasts:
- Projections on economic growth, inflation, employment, and public finances.
- Provided by the Office for Budget Responsibility (OBR).
- Taxation changes:
- Announcements on adjustments to Income Tax, National Insurance, Corporation Tax, VAT, Duties (e.g., fuel, alcohol), and other taxes.
- Introduction or removal of tax reliefs, allowances, and thresholds.
- Public spending plans:
- Allocation of funds to key sectors like healthcare (NHS), education, defence, infrastructure, social care, and transport.
- Spending reviews and departmental budgets.
- Government borrowing and debt strategy:
- Targets for government borrowing and national debt management.
- Plans to meet fiscal rules or balance the budget over the medium term.
- Cost of living measures:
- Initiatives to support households and businesses with rising costs (such as energy support schemes, benefits adjustments, minimum wage changes).
- Business support:
- Incentives or reliefs for businesses (e.g., business rates relief, investment allowances).
- Policies to boost innovation, exports, and productivity.
- Welfare and social policy:
- Changes to Universal Credit, pensions (including the State Pension triple lock), and other welfare benefits.
- Environmental and net-zero policies:
- Investment in green energy, decarbonisation efforts, and environmental taxation.
What is likely to happen in the Autumn Budget?
Following the Spring Statement 2025, the UK government is anticipated to address several pressing economic challenges in the upcoming Autumn Budget. Key areas of focus may include:
1. Economic growth and fiscal stability
The Office for Budget Responsibility (OBR) has adjusted its economic growth forecast for 2025 to 1%, down from earlier projections. This modest growth outlook, coupled with rising government borrowing costs due to higher interest rates, suggests that the government may need to implement additional measures to stabilise public finances.1
2. Potential tax adjustments
Chancellor Rachel Reeves has indicated a commitment to maintaining fiscal responsibility, which may necessitate exploring avenues to increase revenue. Discussions have emerged around potential tax reforms targeting wealthier individuals and pensioners.2 Speculations include possible adjustments to capital gains tax, inheritance tax, and the freezing of tax thresholds beyond current timelines.3
3. Welfare and public spending
The Spring Statement introduced significant welfare reforms aimed at reducing expenditures by £3.4 billion annually by 2029-30. These changes are projected to increase relative poverty for approximately 250,000 people.4 Given the political and social implications, the Autumn Budget may further address public service funding and consider additional spending cuts to meet fiscal targets.
4. Defence and infrastructure investment
The government has committed to increasing defence spending to 2.5% of GDP from April 2027, marking a significant rise since the end of the Cold War.5 This commitment may influence budget allocations, potentially impacting other departmental budgets and necessitating careful prioritisation of resources.
5. International trade and economic relations
Recent global developments, such as the 25% tariff on car imports announced by the U.S., have raised concerns about the UK's trade dynamics. The Autumn Budget may outline strategies to mitigate the impact on UK industries, including potential support measures for affected sectors and initiatives to strengthen trade relationships.6
However, it's important to note that these projections are subject to change based on evolving economic conditions and policy decisions leading up to the Autumn Budget.
What date is the UK Budget announced?
The exact date of the UK Budget announcement varies each year and is set by the Chancellor of the Exchequer. There are typically two key fiscal events each year:
1. Spring Statement / Spring Budget
- Usually held in March.
- The 2025 Spring Statement is scheduled for 26 March 2025.
2. Autumn Budget
- Typically delivered in late October or early November.
- For example, the 2024 Autumn Budget took place on 30 October 2024.
For 2025, the Autumn Budget date has not yet been officially announced, but based on tradition, it will likely be around the same time (late October/early November).
What will Labour do in the Autumn Budget?
Following the Spring Statement 2025, Labour is expected to use the Autumn Budget to address economic challenges through possible tax reforms targeting wealth and pensions, further welfare spending cuts, and continued investment in public services like healthcare and infrastructure.
With growth forecasts downgraded and borrowing costs rising, Chancellor Rachel Reeves may be forced to balance fiscal responsibility with political pressure, potentially introducing revenue-raising measures while maintaining a focus on long-term economic stability.
What is the minimum wage in the UK Autumn Budget?
In the Autumn Budget 2024, Chancellor Rachel Reeves announced significant increases to the UK's minimum wage rates, effective from April 2025.7 The changes are as follows:
- National Living Wage (NLW): For workers aged 21 and over, the NLW will rise by 6.7%, increasing from £11.44 to £12.21 per hour.
- National Minimum Wage (NMW):
- National minimum wage for 18 to 20-year-olds: An increase from £8.60 to £10.00 per hour, marking a 16.3% rise.
- National minimum wage for under 18s and apprentices: A rise from £6.40 to £7.55 per hour.
Additionally, the government has expressed intentions to abolish the tiered NMW system, moving towards a single adult rate.8 This transition to a single rate will be implemented gradually, with specific timelines yet to be confirmed.
What is the Autumn Budget in simple terms?
The Autumn Budget is when the UK government sets out its financial plans for the year ahead. It’s like the country’s money plan.
In simple terms, it covers:
- How much money the government will collect (mainly through taxes like income tax, capital gains tax, VAT, National Insurance Contributions, and business taxes).
- How much money the government will spend (on things like the NHS, schools, roads, and public services).
- Any changes to taxes or benefits.
- Updates on how the UK economy is doing and what’s expected in the future.
It’s announced by the Chancellor of the Exchequer and is one of the most important events in the government’s financial calendar.
This publication is intended for general information purposes only and should not be construed as financial, legal, tax, or other professional advice from Equals Money PLC or its subsidiaries and affiliates.
It is recommended to seek advice from a financial advisor, expert, or other professional. We do not make any representations, warranties, or guarantees, whether expressed or implied, regarding the accuracy, or completeness of the content in the publication.
Sources used for this article:
- Morningstar – Spring Statement: Taxes to hit another record high
- The Independent – Rachel Reeves says pensions tax break will stay if Labour wins election
- The Guardian – Reeves may have to find further cuts and tax hikes amid economic gloom
- Financial Times – Spring Statement 2025: Key economic and political insights
- Gov.uk – Spring Statement 2025: Chancellor’s speech
- The Times – Rachel Reeves warns of US tariffs in Spring Statement response
- Gov.uk – Autumn Budget 2024: GAD Technical Bulletin
- MSHB Legal – Key changes in the Autumn Budget 2024: Increases in wages and National Insurance costs
Sources checked on 28/03/2025.
