Budget 2026 LIVE: Chancellor announces gas bill standing charges will be abolished - latest updates

Chancellor John Healey will announce the Government’s tax and spending plans in his first Budget speech this afternoon.

My Healey will unveil a series of measures that will affect millions of people and businesses in London and beyond.

However, the Budget is likely to contain a number of measures to create “breathing space” for people struggling with the cost of living, including more help with rising energy bills.

The speech is expected to be delivered in the Commons after Prime Minister’s Questions at midday.

Follow the latest updates below...

Live updates

Who is John Healey?

It’s a name worth knowing today: John Healey.

Mr Healey has a parliamentary career spanning almost three decades.

The incumbent Chancellor of Exchequer previously served as the Secretary of Defence under Sir Keir Starmer and has been a MP for Rawmarsh and Conisbrough (formerly Wentworth and Wentworth and Dearne) in South Yorkshire since 1997.

That means he has worked under multiple Prime Ministers, such as Gordon Brown and Tony Blair, and in several shadow cabinets - including that of Ed Miliband and Jeremy Corbyn.

He was one of the many MPs who stepped down from their cabinet roles in June as pressure mounted on Sir Keir to resign.

During his shock resignation, he laid the blame at the Treasury’s door for not stumping up the amount military chiefs believed were needed for the Dip.

You can read more about the Yorkshire-born and bred Chancellor here:

When is the Budget?

The Autumn Budget is taking place earlier than usual this year.

Last year, the Budget took place in late November, and was held in November in 2017, 2018, and 2021.

Chancellor John Healey confirmed the date of the Budget before Parliament went into recess.

He promised a Budget that will "move money and power out of Westminster and into every postcode around Britain".

So, when will we hear from the Chancellor today?

Mr Healey is expected to deliver his Budget shortly after midday following PMQs.

You can read more here:

Good morning

It’s Budget day!

Chancellor John Healey is hours away from announcing the Government’s tax and spending plans for the year ahead.

It’s the first Budget since Andy Burnham took over from Sir Keir Starmer with sizable changes expected.

From a possible shake-up of the state pension to reforms for first-time buyers, we’ll be keeping you up to speed with all the latest developments.