Budget Summary 2026/27

The leaky Red Box

The most surprising thing about the latest Budget was that someone at the Office for Budget Responsibility appears to have pressed the wrong button and published its report about 40 minutes before the Chancellor stood up, rather than just after she sat down. This meant that the pundits were discussing the contents of the Budget before it had been delivered, which was unprecedented.

The Deputy Speaker had a different complaint: she rebuked the Chancellor for airing her plans in the media during the past weeks. This has become increasingly common, in place of the traditional silence and secrecy until the day itself, but the leaking – and changing – of plans this year was at a different level. The Deputy Speaker called it a discourtesy to Parliament, but it also risks disturbing the financial markets.

All this meant that many of the main measures were well known in advance. However, the Treasury document that was only released at the end of the speech contained a mass of detailed measures, some coming into effect immediately, others deferred for one, two, three or even more years. These had to be read carefully to be sure of which rumoured possibilities had not been implemented after all.

The Chancellor has spoken about ‘those with the broadest shoulders’ bearing the greatest burden. There is no doubt that the better off will be paying more tax under this Budget, and some of those on welfare are likely to be receiving more benefits. Whether you consider this fair is a political matter.

In this document we have summarised the main tax proposals and their impact, and also included reminders of some matters announced in previous Budgets but only now coming into force. If you would like to discuss what it all means for you, we will be happy to help.

Significant points