With the Autumn Budget approaching on Wednesday 28 October, attention is on what the Government’s next announcements could mean for our personal finances.

This will be the first Budget under Prime Minister Andy Burnham, delivered by new Chancellor John Healey. A former Defence Secretary, Healey also brings previous experience as a Treasury minister, so he is no stranger to the competing demands on the public purse.

After two Budgets that introduced substantial changes affecting individuals, families and businesses, expectations this time are for a more restrained set of measures. That would offer some breathing space, although a quieter Budget would not necessarily mean an insignificant one.

There is a political balance to strike too. Alongside the immediate pressures on the public finances, the Government will be conscious of the next general election. Its timing remains uncertain, but demonstrating progress on household finances is likely to remain an important consideration.

What might be on the horizon?

The build-up has felt less dominated by speculation than in previous years, although there is still no shortage of suggestions about what might appear in the Chancellor’s red box. Expectations point towards a cautious Budget, with targeted measures rather than another sweeping overhaul.

From a personal financial planning perspective, we will be watching for announcements affecting retirement income, savings, investments and the transfer of wealth between generations.

However, some of the most important changes are already on the calendar. From 6 April 2027, most unused pension funds and pension death benefits will be included in the value of an individual’s estate for Inheritance Tax purposes. For those affected, this makes it increasingly important to consider retirement income and estate planning together, including how different assets may be used during retirement and eventually passed to loved ones.

Keep your plans in perspective

Whatever the headlines suggest, speculation alone is rarely a sound basis for a significant financial decision. Taking pension benefits, selling investments or making substantial gifts can have lasting consequences, particularly if the anticipated change never materialises.

A more useful approach is to understand your current position, keep your long-term objectives in view and consider confirmed announcements in the context of your wider financial plan. Even where changes are introduced, the detail and implementation dates will matter.

At Craven Street Wealth, we will publish our initial reaction on Budget day, focusing on the announcements most relevant to your personal finances. Our full Budget summary will follow shortly afterwards, providing a broader overview of the measures and their implications.

In the meantime, if you have concerns about how existing or potential changes could affect your plans, please speak with your Financial Planner.

Contact us on 0330 320 9280, email: info@cravenstreetwealth.com or complete our online enquiry form to discuss your own financial plans.

The content of this article is for information only and does not constitute formal financial advice. This material is for general information only and does not constitute investment, tax, legal or other forms of advice.

References to legislation and tax is based on our understanding of United Kingdom law and HM Revenue & Customs practice at the date of publication. These may be subject to change in the future. Tax rates and reliefs may be altered. The value of tax reliefs to the investor depends on their financial circumstances. No guarantees are given regarding the effectiveness of any arrangements entered into on the basis of these comments.

 You should not rely on this information to make, or refrain from making any decisions. Always obtain independent, professional advice for your own particular situation.

Craven Street Financial Planning Limited is authorised and regulated by the Financial Conduct Authority (FCA). The FCA does not regulate tax advice.