← Back to News
Business

What is the Budget and what could be in it?

Chancellor John Healey will set out his plans for UK taxes in October.

BBC Business•

Chancellor John Healey will set out Labour's tax and spending plans when he delivers his first Budget on 28 October.

He has refused to rule out tax increases after acknowledging government borrowing costs are at "historic highs".

Before the 2024 general election, Labour promised not to increase three big revenue earners for the government: income tax, National Insurance and VAT.

There has been speculation that Capital Gains Tax - which is imposed on the profit people make when they sell an asset that has increased in value - could be changed, through either higher rates or by removing or amending exemptions.