What is the Budget and what could be in it?

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1. 1

   Budget of the United Kingdom (Wikipedia)

   WikipediaChecked Oct 20, 2026

   “The Budget of His Majesty's Government is an annual budget set by HM Treasury for the following financial year, with the revenues to be gathered by HM Revenue and Customs and the expenditures of the public sector, in compliance with government policy. The budget statement is one of two statements made by the Chancellor of the Exchequer in the House of Commons, with the Spring Statement being made the following year. Budgets are usually set once every year and are announced in the House of Commons by the Chancellor of the Exchequer. Since Autumn 2017 the United Kingdom budget typically takes place in the Autumn in order to allow major tax changes to occur annually, well before the start of the fiscal year. The most recent budget was presented by Rachel Reeves on 26 November 2025. The next budget is scheduled to be presented by John Healey on 28 October 2026.”

2. 2

   2026 United Kingdom budget (Wikipedia)

   WikipediaChecked Oct 20, 2026

   “The 2026 United Kingdom budget will be delivered to the House of Commons by John Healey, the Chancellor of the Exchequer, on 28 October 2026. It will be Healey's first budget since his appointment as Chancellor. The date of the budget was announced on 31 July.”

3. 3

   What is the Budget and what could be in it?

   BBC NewsPublished Oct 20, 2026Checked Oct 20, 2026

   “Chancellor John Healey will set out Labour's tax and spending plans when he delivers his first Budget on 28 October. He has refused to rule out tax increases after acknowledging government borrowing costs are at "historic highs". But the government's room for manoeuvre on tax is limited. Before the 2024 general election, Labour promised not to increase three big revenue earners for the government: income tax, National Insurance and VAT. In his statement, delivered to MPs in the House of Commons, Healey will set out how the government plans to raise or lower taxes. Alongside the Budget, the Treasury will publish details about the measures and their costs. The independent Office for Budget Responsibility (OBR), which monitors government spending, will also publish an assessment of the health of the UK economy and a forecast of what it thinks will happen in the future. The run-up to the Budget typically generates speculation about what might be in it, which the government is trying to keep to a minimum this year. Healey and Prime Minister Andy Burnham face a difficult balancing act, trying to offer more support to households and meet commitments on defence spending, while also sticking to Labour's manifesto commitments on tax and the government's self-imposed fiscal rules. The previous chancellor, Rachel Reeves, set out two main rules, which the new leadership has vowed to follow.”

4. 4

   Reducing tobacco supplier profits and pricing power: Modelling the impact of a tobacco price cap and tax increase on socioeconomic inequalities in England.

   Social science & medicine (1982) (Gillespie et al.)Published Apr 23, 2026Checked Oct 20, 2026

   “We investigated six scenarios for a wholesale price cap and concomitant tax rises, comparing outcomes against a business-as-usual scenario.ResultsOutcomes varied with the price cap level; lower caps and higher tax rises yielded larger behavioural effects, particularly for the most disadvantaged quintile. All scenarios showed a narrower market price range, lower smoking prevalence, higher tax revenue, reduced mortality, and fewer hospital admissions. Industry revenues declined, while consumer expenditure remained largely unchanged. An immediate hard cap could generate £4.9 billion by 2029 and, by 2044, 1,636 fewer deaths, 43,987 fewer years of life lost, and 10,073 fewer hospital admissions. Sensitivity analyses show health benefits are robust, although stronger consumer responses slightly reduce tax revenue while increasing health gains.ConclusionsA tobacco wholesale price cap and tax increase scheme could raise substantial tax revenue, improve health, and reduce health inequalities, whilst limiting the scope to use price as a marketing tool.”