Economy · UB-028
Healey's first Budget on 28-10-2026: what is at stake
Published 14-10-2026 · UB-028 · 🇬🇧 · ✓ 3 linked sources
John Healey, July 2024. Photo: Lauren Hurley / No 10 Downing Street, OGL 3The Chancellor's first Budget will be the clearest sign yet of the Burnham government's priorities, with new OBR forecasts published the same day.
Chancellor John Healey will present his first Budget on Wednesday 28-10-2026, the clearest test yet of Prime Minister Andy Burnham's economic plans. Healey became chancellor when Burnham took office in July.
Announcing the date, Healey said the Budget would move money and power out of Westminster and into communities across Britain, and that it would be built on fiscal discipline and meet the government's fiscal rules.
The Office for Budget Responsibility (OBR) will publish new economic and fiscal forecasts on the same day. The Institute for Government notes they will be the first OBR forecasts since the war in Iran pushed up global energy prices.
Accountancy firm BDO expects further tax rises, which would make it Labour's third tax-raising Budget in three years, after packages of £41.5bn in 2024 and £26bn in November 2025. Healey has also pledged to cut the regulatory burden on business by 25% by the end of this Parliament, BDO noted.