Budget Overview
A UK Budget, also called a Financial Statement, is a formal statement of the government’s economic and fiscal policy. The Chancellor of the Exchequer presents the budget to the House of Commons to announce major fiscal changes, including taxation and economic forecasts from the Office for Budget Responsibility (OBR). Although the budget is the chief annual event, other broader financial processes, such as statement preparation and approvals, take place throughout the year.
Officially, the government policy is to have one main budget in the autumn, but it is often preceded by a second, less formal statement in the spring, known as the Spring Statement. The Spring Statement updates on the economy and is accompanied by the OBR’s forecast. A budget summary lays out the government’s plans for taxation, public spending, and broader economic policy for the upcoming year.
Timeline:
The budget is passed once a year as the main fiscal event. The last budget was held in the autumn, on October 30, 2024. Notably, in line with the government’s announcement, the budget this year will be presented on Wednesday, November 26 2025.
2025 Budget Summary
Spring Statement Summary
Autumn Budget Summary
2024 Budget Summary
Spring Statement Summary
Autumn Budget Summary
2023 Budget Summary
Spring Statement Summary
