Budget briefing note

The statement is expected to take place at approximately 12:30pm, straight after Prime Minister’s Questions.

The event will be broadcast live on Parliament TV (the opening statements will also have BSL interpretation which you can view here) and the House of Commons Media Team will issue an image release with photos from the statement later in the afternoon.

The Budget statement updates Parliament and the nation on the state of the economy, on public finances and on progress against the Government’s economic objectives.

 Timings on the day

• The Chancellor of the Exchequer will deliver the Budget Statement following Prime Minister’s Questions at 12.30pm.

• During the Budget, the Speaker’s place in the Chair is taken by the Chairman of Ways and Means (the most senior Deputy Speaker), Nusrat Ghani MP.

• Some measures, such as any changes to the rates of duty on alcohol and tobacco, often come into effect on Budget day or soon after. For this to happen, the House of Commons agrees a 'Provisional Collection of Taxes' motion as soon as the Chancellor sits down. By convention, this is agreed without a vote, meaning that the changes can come into effect at 6pm on Budget day.
• The Leader of the Opposition will then respond, followed by the Leader of the Third Party (the Liberal Democrats).

The Budget debate

The Budget Statement will be followed by four days of debate on the ‘Budget Resolutions’ - the tax measures announced in the Budget.

Each day of debate covers a different policy area such as health, education and defence. The Shadow Chancellor makes their response the day after the Budget statement (on Thursday).

Budget Resolutions can come into effect immediately if the House of Commons agrees to them at the end of the four days of debate but they require the Finance Bill to give them permanent legal effect.

Resolutions are required for each new tax, renewed annual tax or to increase or widen the burden of an existing tax.

The Finance Bill

A new Finance Bill is presented to Parliament each year; it enacts the proposals for taxation made by the Chancellor of the Exchequer in the Budget statement and brings them into law.

Once the House of Commons has agreed the Budget Resolutions, the Finance Bill starts its passage through Parliament in a similar way to other bills, although it is generally afforded more time and usually has a ‘split committal’, meaning some parts are considered in Public Bill Committee and the remainder considered in Committee of the Whole House.

The House of Lords has a limited role in respect of Finance Bills. The House of Commons has the sole right to initiate and amend bills whose main purpose is to levy taxes or authorise expenditure.

The House of Lords will have a second reading debate on the Finance Bill but they will not consider the Bill clause by clause and will not amend the Bill.

Select committee scrutiny

Following the statement, the Treasury Committee will conduct an inquiry into the Government’s proposals and the economic and fiscal outlook, taking evidence from the Chancellor, the OBR and experts.

Library briefings and further background

The House of Commons Library have prepared the briefings on the Budget – find out more:

• Autumn Budget 2024 - House of Commons Library

For additional information on briefings, you can contact the House of Commons Library via commonslibrarymedia@parliament.uk.

Filming Points and broadcasting

Pass-holding broadcasters will be able to book filming points in the usual way. These are available to book in Central Lobby, Lower Waiting Room/Barry Statue, Portcullis House (Atrium and first floor), Westminster Hall, New Palace Yard and Committee Corridor.

Please be aware that filming must relate to the day’s business, and must be a fixed piece to camera or an interview with a Member.

Filming points can be booked by emailing the Admission Order Office on aooffice@parliament.uk.