What to expect from the Autumn Budget 2026

This year’s Autumn Budget will be delivered by new Prime Minister Andy Burnham and his recently appointed Chancellor, John Healey, on Wednesday 28 October, 2026.

It’s an unusual high-stakes moment for the Labour government and investors, as Burnham only recently returned to Parliament – and took the role of PM after Keir Starmer stepped down – after several years as the mayor of Greater Manchester. Healey is also fresh to the Chancellorship, succeeding Rachel Reeves.

While the full details of the Budget are yet to emerge, the government has already begun to set out its wider priorities. Here’s what to expect in the next few months.

Andy Burnham, Prime Minister

Andy Burnham became Prime Minister on 20 July, 2026, four days after being elected leader of the Labour Party.

He first entered Parliament as the MP for Leigh in 2001, and held several senior roles during the governments led by Tony Blair and Gordon Brown, as well as in opposition. He stood for the Labour leadership in 2010 and 2015.

Burnham left Parliament after being elected Mayor of Greater Manchester in 2017. He returned to the House of Commons as the MP for Makerfield in June 2026.

John Healey, Chancellor of the Exchequer

John Healey was appointed Chancellor on 20 July 2026. He has been an MP since 1997 and currently represents Rawmarsh and Conisbrough in South Yorkshire.

He previously worked at the Treasury between 2002 and 2007, with responsibilities during including financial services, taxation and public finances.

He subsequently served as Local Government Minister and Housing Minister, and most recently as Secretary of State for Defence.

The Prime Minister typically sets the government’s overall direction, while the Chancellor will be responsible for translating its priorities into decisions on taxation, borrowing and public spending. Their first Autumn Budget together will provide the clearest account so far of how those priorities will be funded and delivered.

In his first speech as PM, Burnham said his government would seek to move political power away from Westminster and pursue a more collaborative approach to government. He also placed reindustrialisation and the cost of living among his early priorities, but it’s not yet clear what this all means or how it might translate into policy. Early announcements suggest a focus on regional growth, public service reform, workforce skills and measures designed to support household finances.

In his first speech to Treasury officials as Chancellor, Healey described the Treasury as an institution responsible for stability, security and growth. He said the government’s immediate task was to improve living standards, support communities and operate in what he described as a more challenging international environment.

Healey has confirmed that the Autumn Budget will comply with the government’s fiscal rules. He has also said it will focus on moving greater financial and political power out of Westminster.

Burnham will be first at the despatch box at 12 noon for Prime Minister’s Questions, with Healey expected to start speaking at or after 12:30 p.m. The Office for Budget Responsibility will also publish updated forecasts for the economy and public finances.

Depending on the contents of the Budget, the government can implement changes to certain taxes, such as capital gains or VAT, as soon as possible. However, it’s normally difficult to change income tax levels before the next UK tax year in April, and inheritance tax adjustments have normally come into play in the new tax year, too.

Coutts will be continuing to follow developments closely in the weeks ahead. Look out for our expert commentary, analysis and practical guidance before, during and after.

Speak to your Private Banker to find out more.