Chancellor of the Exchequer Rachel Reeves has confirmed the autumn budget will be held on Wednesday 26 November.
In a video message posted yesterday, the chancellor outlined the government’s achievements over the last year, but said there was still a long way to go.
In an accompanying statement, the government said:
“The chancellor’s first job was to fix the foundations. That has meant backing working people with a National Living Wage rise benefiting three million workers, strengthening public services by starting to bring down NHS waiting lists, and unlocking growth through planning reform and an additional £120 billion investment in Britain’s infrastructure. At the same time, the Government has secured Britain’s place in the world with new trade deals with the US, India and the EU.
“Our stewardship of the economy has also helped the Bank of England cut interest rates five times, which means lower mortgage payments and cheaper borrowing for families and businesses. With the foundations repaired and stability restored, the next budget will turn to the long-term reforms Britain needs to unlock growth and ensure it works for working people.”
In the chancellor’s video, she acknowledged that Britain’s economy ‘is not working well enough for working people’.
She added:
“Bills are high. Getting ahead feels tougher. You put more in, get less out. That has to change.”
After acknowledging the ‘huge potential’ of world-leading brands, dynamic industries and a skilled workforce, Reeves reiterated government plans to tear up planning rules to build 1.5 million new homes and promised billions more for the country’s infrastructure.
Although the chancellor didn’t share any detail about what may be included in the budget, it is widey expected to include changes to the stamp duty land tax system. Speculation surrounding the introduction of a new property tax, mansion tax and local property tax has been growing in recent weeks, but been widely criticised by property industry experts.
The chancellor has pledged to bring down inflation and borrowing costs to tackle cost of living and affordability pressures, with ‘opportunity for all’ as a priority.
What the opportunities will look for homebuyers, and whether speculation over the next two months will have an adverse effect on the property market, remains to be seen.
Watch the chancellor’s announcement video.
