Budget FAQs

When is the Autumn Budget 2024?

The Autumn Budget 2024 will take place on Wednesday 30 October. 

What is the Autumn Budget?

Budget announcements have historically happened twice a year, in spring and autumn. The new Labour government have now committed to having just one Budget a year in late autumn, with a Spring Fiscal Statement. This is to try and bring in stability and simplicity for businesses, allowing more time for changes to be prepared for and made. 

In the Autumn Budget, the Chancellor announces the main tax changes for the year ahead, and outlines the state of the economy and the latest predictions by the Office of Budget Responsibility (OBR). Unlike future Spring Statements, the Autumn Budget will be used to announce tax changes.

What time will the Budget start?

It has not yet been announced, but in previous years most budget statements are made at approximately 12:30pm, straight after the Prime Minister’s questions.

How long is the Budget speech?

The speech usually lasts about an hour. The longest ever speech was by William Ewart Gladstone in 1853 which lasted 4 hours and 45 minutes. The shortest speech was given by Benjamin Disraeli in 1867 and lasted 45 minutes.

Who makes the Spring Budget speech?

The Chancellor of the Exchequer, Rachel Reeves will make the Budget speech.

Where does the Budget speech take place?

The Chancellor of the Exchequer Rachel Reeves will make the Budget statement in the House of Commons.

What is likely to come up this year?

The 2024 Autumn Budget is likely to see the new Chancellor outline proposed tax changes and measures to raise revenue for the Government. There will likely be changes to Inheritance Tax, Capital Gains Tax in addition to more detail on changes already announced by the government for non-doms and Private Equity executives. 

Why do they have the red box?

All ministers have a red box for briefing papers. A red box has been used to carry the Chancellor’s speech from Downing Street to the House of Commons for over one hundred years, started by William Gladstone in 1860. Holding the red box up to the press in Downing Street is the classic image of Budget day in the UK. The word ‘Budget’ itself comes from a French word ‘bougette’, meaning little bag.

What is an Emergency Budget?

An Emergency Budget is unscheduled, and reacts to outside forces, and is often geared towards solving a particular crisis, like that of Autumn 2022.

Follow our coverage of the announcements here and what the Autumn Budget means for you and your business.