The new chancellor of the Exchequer has confirmed the date of his first UK Budget.
On 31 July 2026 in a letter to the Chair of the Treasury Committee. The Chancellor of the Exchequer announced two things, both scheduled for 28 October 2026:
1. The publication of an updated EFO (Economic and Fiscal Forecast). Published twice annually by the Office for Budget Responsibility, this is a forecast of the UK’s economic and public finances over a five-year period. Importantly, it includes an assessment of whether this independent body believes the UK Government’s fiscal targets will be met; and
2. Publication of the UK Budget
So, whilst the UK Budget is the focus for professionals, it is underpinned by the EFO as the current Chancellor has pledged to work with ‘fiscal credibility’ and within the UK Government’s own fiscal rules.
For Bookkeepers
For professionals, we are unconcerned with the promise that ‘moves power and money out of Westminster’. This is the pledge that some Income Tax revenue will be given to local regions to spend rather than controlled centrally in Westminster. However, this does not alter the fact that the collection of Income Tax is a central function and will remain unchanged.
What we are looking for is announcements and law that will have a practical impact, for example, rates and thresholds and legislation that will pave the way for payrolling in 2027.
Coming ahead of the annual Bookkeepers Summit, 28 October 2026 is a date that is timed perfectly to enable ICB to relay important information to members.