Chancellor Rachel Reeves' Autumn Budget will take place on Wednesday 26 November, later than many expected.

Last year’s Budget took place on 30 October.

In a video message released this morning by the Treasury, Chancellor Rachel Reeves insisted that Britain’s economy “isn’t broken” but she accepted it was not working for many people.

She said: “Britain’s economy isn’t broken. But I know it’s not working well enough for working people. Bills are high. Getting ahead feels tougher. You put more in, get less out. That has to change. 

“We’ve got huge potential - world-leading brands, dynamic industries, brilliant universities and a skilled workforce. We’re a global hub for trade. Fixing the foundations has been my mission this past year." 

She highlighted that Labour had raised the minimum wage for 3m people, cut NHS waiting lists and, “started tearing up planning rules” to build 1.5m new homes. 

She said Labour had also promised billions more for the country’s infrastructure and secured trade deals with the US, India, and the EU. 

She added: “But I’m not satisfied. There’s more to do. Cost of living pressures are still real. And we must bring inflation and borrowing costs down by keeping a tight grip on day to day spending through our non-negotiable fiscal rules. “

In a message many will see as focusing on investment, she continued: “If renewal is our mission and growth are our challenge. Investment and reform are our tools.”

She said she wants, “more pounds in your pocket. An NHS there when you need it. Opportunity for all.”

With government borrowing stretching fiscal targets there will be focus on the Chancellor’s potential need to raise billions in taxes to fund spending and borrowing. She has also spoken about encouraging investment in the UK and giving people more help to invest.

There has also been intense speculation she will increase taxes on pensions, inheritance and wealth but no clear indications have yet been given on the specifics of any changes.