When is the 2024 budget? Everything you need to know [Video] #UKFinance

The Labour government’s upcoming autumn budget will be one of the most closely watched in recent years. Consumer confidence has fallen sharply as households wait to find out how their finances will be affected by any changes.

Prime minister Keir Starmer has also signalled that it will involve painful decisions and people will need to “accept short-term pain for long-term good”.

Read more: What households should expect from Rachel Reeves’s budget

Here is the key information you need to know about Labour’s first budget in 14 years and what is expected to happen on the day.

When is the budget?

Chancellor Rachel Reeves will deliver her first budget in a speech on Wednesday, 30 October. The speech usually starts at 12.30pm and lasts about an hour.

What will be covered in the budget?

The budget is a statement made by the chancellor to MPs in the House of Commons. It will set out the government’s plans for the economy, including changes to taxation and spending.

What changes are expected to be announced?

Capital gains tax has been under the spotlight for months, with analysts predicting that Reeves will increase it.

Any potential hike to the tax is a sticking point for many business owners in the UK. Elsewhere, pensions, national insurance, stamp duty and inheritance tax remain in focus.

Read more: UK business confidence dips to lowest level since June ahead of budget

What happens after the budget speech?

Some policy changes may take immediate effect. There will also be a Commons debate to discuss other changes and reforms, which can take several days. A designated chairman will then put a single motion to the Commons asking for the changes to be agreed upon.

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