Next Wednesday, Chancellor Healey delivers the Budget statement, MP Burnham’ first

Next Wednesday, on 28th October 2026, Chancellor John Healey will present the Budget statement in the House of Commons. This annual event, which has taken place every year since 2025, will outline the UK government's proposals for changes to taxation and forecast the nation's economic outlook, as determined by the Office for Budget Responsibility (OBR).

The Budget and Finance Bill are typically held annually due to the annual renewal of income tax and corporation tax through legislation. However, most UK taxes, such as those on indirect taxes, petroleum revenue tax, and capital, are permanent. In election years, a new Budget is usually introduced by the incoming Chancellor, even if the outgoing Chancellor has already delivered one.

Changes such as alterations to alcohol and tobacco tax rates come into effect either on Budget day or shortly thereafter. The power to implement these interim tax changes comes from the House of Commons approving a motion for provisional collection. After the Chancellor's speech, the Leader of the Opposition responds, followed by a four-day debate on the Budget Resolutions.

These resolutions, which include the tax measures announced in the Budget, can come into effect immediately if approved by the House of Commons at the end of the four-day debate. However, they require the Finance Bill to grant them permanent legal effect. The Finance Bill is a new document presented each year, enacting the taxation proposals from the Budget statement and making them legally binding.

The House of Lords plays a limited role in the Finance Bill process, with only a second reading debate, followed by a cross-party inquiry by the Treasury Select Committee. The tradition of the Chancellor holding up the red Budget box during the presentation dates back over a century, originating from a leather bag used to carry the financial statement to the House of Commons.