What time is Autumn Budget announced? What can we expect as Chancellor Rachel Reeves prepares first budget announcement

The eagerly-awaited first budget of the new government is due to be announced today (October 30), with the Chancellor preparing to make major economic announcement around topics such as tax, house-building, education and the NHS.

Much has been said about what we cane expect to hear from the Chancellor as she takes to the box for the first time, with reports on measures in areas such as education, NHS and wages.

What time is the Budget announced?

The Autumn Budget will be announced directly after Prime Ministers’ Questions at 12om. Reeves will take to box at 12.30pm to make her Budget announcement.

What can we expect from the Budget?

While some economical features will be announced at the time, we already know of some reports that may suggest what we can expect to hear. The Chancellor has already confirmed that national minimum wage will rise by 6.7% next April, with rises for workers aged 18 to 20 and apprentices also.

As per Labour’s manifesto pledges, private schools are set to be stripped of their VAT exemption and business relief rates in a bid to increase funding in public schools. Elsewhere in education, £1.4 billion has been pledged to fix crumbling school, with another £1.8b to expand government-funded childcare.

Prime Minister Sir Keir Starmer previously confirmed that the £2 bus fare cap in England and Wales will rise to £3, while £240m will be pledged to local services in a bid to get people back to work. There will be pledges made around house-building, including 2,000 new homes in Liverpool.

Labour also stated in its manifesto that there would be no increases on taxes for “working people”, including national insurance, income tax and VAT. However, employers contributions to national insurance are expected to increase by at least one percentage point. Fuel duty, which dictates how much motorists pay at the pump, could rise for the first time in more than a decade.

Billions of pounds is expected to be pumped into the NHS, which Health Secretary Wes Streeting previously described as being “on its face”. This includes new funding for radiotherapy machines, new surgical hubs and scanners in a bid to reduce waiting lists.