All eyes will be on Rachel Reeves, the first female Chancellor to ever deliver the major financial announcement.
Labour will deliver its first Budget since 2010 today.
What is the Budget? The Budget is a statement made to MPs presenting any changes to tax and spending. The Office for Budget Responsibility publishes its independent analysis of the UK economy on the same day. The Treasury publishes a report alongside its Budget, with more detail on the decisions made and how much everything costs.
Is the Budget important? Budgets are a defining moment of the Government's year, tenure and place in history. In 2022, Liz Truss's disastrous mini-Budget which contained £45billion of unfunded tax cuts ended up being her ultimate downfall. David Cameron and George Osborne's first Budget, meanwhile, was famed for introducing deep austerity cuts - something that has come to define their time in government.
The Budget this year will be presented on October 30. The morning leading up to the Budget speech usually goes the same way. Ms Reeves will be photographed in the morning outside No11 Downing Street, the official residence of the Chancellor, with the traditional red box containing the Budget speech. PMQs will then take place at midday, with the Budget speech to take place afterwards at 12:30pm.
In recent times Tory Ken Clarke drank whisky, while Geoffrey Howe sipped a gin and tonic as he addressed the nation's finances. Go back even further and you'll find William Ewart Gladstone glugging a sherry and beaten egg.
David Cameron George Osborne Labour Party Taxes Sir Keir Starmer
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