News in Review
Autumn Budget 2026 at a glance
Following Chancellor John Healey’s first Budget today, I wanted to share a quick overview of the key announcements that may be of interest.
ISAs and savings The planned reduction in the Cash ISA allowance has been cancelled, meaning all savers will still be able to put up to £20,000 a year into a Cash ISA. Energy and household costs The temporary cut in VAT on household electricity bills from 5% to zero will be extended until 1 July 2027, from which the Government expects to take around £50 off the annual Ofgem price cap in April 2027. A £100 household energy payment will also be provided for up to 20 million households in council tax bands A to D in England, with funding provided to the devolved governments. From 2027, standing charges on household gas bills will also be scrapped, with reforms to electricity standing charges to follow. Pensions and tax A new pension tax allowance will mean pensioners with income up to the value of the full new state pension will not pay income tax in this parliament. Savings and property income tax Tax rates on savings and property income will increase by a further two percentage points from April 2027, following the increases announced in the 2025 Budget. Motoring costs The 5p cut in fuel duty has been extended until July. Tax-free mileage rates are also being increased, with the car and van rate rising to 55p for the first 10,000 business miles and the higher mileage rate increasing to 35p from April 2027. Tax rules can change and the impact of taxation, and any tax relief, depends on your personal circumstances and where you live.