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What time is the Budget 2026 announcement?

Developed over time first seen 2 hours ago

The Independent · 2 hours ago

Chancellor John Healey is expected to deliver his first Budget at about 12.30pm on Wednesday, after Prime Minister’s Questions in the House of Commons. The announcement matters because it will set out the government’s plans for tax and public spending while it faces pressure to fund military spending and previous pledges amid strained public finances.

The article says borrowing reached £24.5bn last month, while higher borrowing costs linked to the Iran war and weaker growth have reduced the government’s fiscal room. Possible measures include more than £1bn in energy bill support, a tax-collection crackdown on online marketplaces, a levy on homes worth over £2m and a higher surcharge on bank profits, reportedly from 3 per cent to 8 per cent. Healey has also said he wants to cut the cost of doing business.

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In short

Healey is expected to announce the Budget at about 12.30pm on Wednesday.
The government faces pressure over borrowing, growth and spending commitments.
Reported proposals include energy support and tax changes.

How this story developed

5 minutes ago Chancellor John Healey is expected to deliver his first Budget at about 12.30pm on Wednesday, after Prime Minister’s Questions in the House of Commons.

Explained simply

A Budget is the government’s statement of how it plans to raise money, mainly through taxes, and spend it on public services and other commitments. The Chancellor presents it to MPs in the House of Commons, where the government explains its choices.

The Chancellor, John Healey, is the senior minister responsible for the Treasury and the government’s finances. His plans are shaped by the amount the government can borrow and by competing demands, including public services, household costs and defence spending.

Budget decisions can affect people and businesses through changes to taxes, benefits, bills and public spending. They also influence how much the government borrows and how it meets its promises while managing the public finances.