When is the Autumn Budget announced?
The Chancellor of the Exchequer, Philip Hammond, will publish the crucial budget on Wednesday November 2017, in front of the House of Commons.
This will be the first time a budget is presented in August in 20 years.
Announcing the budget, Mr Hammond said: “When I as Chancellor of Exchequer go to the House of Commons and review our economic performance, set out our plans for raising the taxes that we need over the coming years, and how we intend to spend them to support our public services.
“It’s also when we set out our thinking on how to keep the economy strong and resilient and fair.
“An economy that works for everyone.”
The Autumn Budget comes after Mr Hammond scrapped the Autumn Statement for a more streamlined fiscal system. The tax year will now begin with a Spring Statement followed by the Autumn Budget.
The Government believes this will help businesses and people face less frequent tax changes.
What to expect from the budget
The exact contents of the Chancellor’s famous red briefcase remain a mystery but there is rumour that Mr Hammond could extend the 16-25 railcard.
This would help the Conservative party gain support with younger voters who save a third on travel fees thanks to the card.
Stamp Duty for first-time buyers could face the axe in another attempt to win back young voters, by significantly cutting down the costs of buying property.
Student Loans could also be headed for a shakeup after Prime Minister Theresa May pledged to freeze tuition fees at £9,500 and increase the repayment threshold from £21,000 to £25,000.
Speaking at a Tory party conference last month, Mrs May said: “We are pledging to help students with an immediate freeze in maximum fee levels and by increasing the amount graduates can earn before they start paying their fees back.”
The Chancellor could also be preparing to raise income tax for some 30 million households in 2022, in an effort to raise up to £3.1billion a year.
The plan would entail freezing the point at which people start paying the new basic rate income tax or higher rate income tax.
In the wake of the Paradise Papers leak, the Government could also clamp down on prominent tax dodgers to refill its coffers.
The leaked documents named several high-profile individuals and celebrities who have been funnelling funds through off-shore accounts.
The Chancellor has also faced calls to tackle the rising problem of underfunded dementia care, by spending more funds on care services.
Jeremy Hughes, chief executive of the Alzheimer’s Society, told Express.co.uk: “Every day families call our helpline in tears, asking how they can find the money to pay for the care of their loved ones with dementia.
An increased emphasis on housing could also be on the table after the PM launched a personal campaign “build more homes, more quickly”.
Mrs May said this week: “I have made it my mission to build the homes the country needs and take personal charge of the Government’s response.
“Today I am seeing the work now underway to put this right and, in coming weeks and months, my Government will be going further to ensure that we build more homes, more quickly.
Mr Hammond has also faced mounting pressure to keep the freeze on fuel duty ahead of a very busy Christmas season for motorists.
A shocking survey by FairFuel UK, found that 89 per cent of Britons were willing to cut down on spending if fuel prices go up.