UK Autumn Budget 2026

The next UK Budget takes place on 28 October 2026, barely three months since Prime Minister (PM) Burnham and his new Chancellor took office. But although the main players have changed, the fiscal challenges that beset their predecessors remain. 

The PM and Chancellor have each made statements that offer context to the Budget, with the PM declaring that “we are going to set out more plans in the Budget to help with the cost of living”. For his part, the Chancellor has sought to reassure markets, stating that “fiscal discipline was my first priority as Chancellor” and noting that the “Prime Minister and I are in lockstep in our commitment to meeting the fiscal rules at the upcoming Budget”. The PM has also previously affirmed the government’s commitment to Labour’s 2024 manifesto pledge not to increase the main rates of income tax, VAT or employee National Insurance contributions (NICs). Against this backdrop, speculation that the Budget may need to raise up to a further £25 billion raises difficult questions as what is left to do the heavy lifting. 

Each and every year the pensions tax regime comes under the microscope and, with gross pension Income Tax and NICs relief for 2024/25 (the latest year for which statistics are available) estimated to cost £83.9 billion, that’s not surprising. The estimated net relief figure for 2024/25 relief is of course much lower, but at £53.8 billion it remains a very large number. 

Our Autumn Budget 2024 series of articles offered views on many of the pension options available and the challenges associated with these. Although there have been contextual changes since then (and one of the Articles – applying inheritance tax to pensions – is now established policy, effective for deaths from 6 April 2027), these remain largely valid today. 

We will be offering commentary on measures affecting private pensions, on the day, on this page.