There isn’t long to wait now until one of the biggest pieces of theatre in the political calendar: the chancellor’s annual Budget.
This year’s performance is even more highly anticipated than normal, too, because it promises to shed light on the economic plans behind Andy Burnham’s ambitions.
The prime minister has been in office for just over three months, and has already set out a range of costly proposals for ending rough sleeping and transforming the care sector.
He has also pledged a significant programme of devolution, including by handing control of economic levers to English regional mayors.
Now it’s up to the man he picked as his chancellor, John Healey, to explain how those plans will be made a reality.
A few minor announcements have already been made, while certain other potential measures have appeared in the newspapers.
In an appearance on Good Morning Britain today, Burnham said the Budget would be ‘about breathing space for people, for businesses too’.
The full picture will only emerge when Healey steps up to the despatch box on Wednesday.
What are currently the biggest talking points?
One of the big questions heading into this year’s Budget was whether those who rely on the state pension would end up paying income tax.
Following last year’s increase, the state pension was hovering just below the £12,570 personal allowance threshold, with the triple lock practically guaranteeing it would rise above it this year.
That would mean the benefit becomes taxable for the first time ever.
But according to the Sunday Times, Healey will ensure that does not happen by increasing the tax-free allowance for pensioners on low incomes to £13,036 – expected to be the new state pension level.
The newspaper reported that this threshold will continue to rise in line with increases to the state pension over the course of the Parliament.
Today, the PM is highlighting £432 million in additional funding for his effort to offer rough sleepers a ‘route off the street’ by Christmas, which will be set out in the Budget.
Budget 2026 predictions
The Observer reports that the chancellor will kick off a series of ‘deep reforms’ to the UK’s energy system aimed at bringing costs down and reducing exorbitant household bills.
That could include measures to ‘decouple’ gas from electricity prices, as the cost of the fossil fuel often sets the cost of power even if it generated by renewables.
Speaking to the newspaper, Healey played down the potential for any earth-shattering moments in the Budget, saying it was not the time for ‘major moves on taxation or spending’.
At Prime Minister’s Questions last week, Burnham said he had instructed Healey and Energy Secretary Miatta Fahnbulleh to ‘look at’ removing standing charges from gas bills.
The result of that review may emerge at the Budget.
Healey, who resigned as Keir Starmer’s defence secretary in a row over defence funding, is also set to announce billions in extra spending for the sector according to the Sunday Times.
One place where we may not see a major commitment is on young people not in education, employment or training.
That might come as a surprise after all the focus on the plight of NEETs, but the government is waiting for the recommendations of Alan Milburn’s review into the issue which is due shortly after the Budget.
What time is the Budget on Wednesday?
The chancellor will step up to deliver the Budget after the end of Prime Minister’s Questions on Wednesday afternoon, typically between 12.30pm and 1pm.
It will be shown live on BBC Two, ITV, Sky News and Parliamentlive.tv.
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