The Budget: What will be in it? What might be in it? What can be ruled out?

Chancellor of the Exchequer, John Healey during a visit to Shell UK’s St Fergus Gas Terminal in Peterhead, Aberdeenshire, following the announcement of the UK Government’s long-awaited decision on the future of the Jackdaw gas field, a new gas drilling operation off the coast of Aberdeen. The North Sea project is one of two – alongside the Rosebank oil field – which the Labour Government must decide the fate of, after their approval by the previous Conservative administration was halted because of a legal challenge last year. Picture date: Wednesday October 21, 2026. - (PA Wire)

John Healey will deliver his first Budget as Chancellor on October 28 against the backdrop of a difficult domestic economic situation, made worse due to international market turmoil caused by the Iran war.

Here, the Press Association looks at what can be expected from Mr Healey’s statement, as well as what is widely speculated to be in it.