From changes to energy bills and higher minimum wages to new support for first-time buyers and a potential tax raid on banks, Chancellor John Healey is preparing to unveil a Budget with major implications for businesses and households across the UK.
The Chancellor will deliver his statement later today, with speculation mounting over a package of measures designed to ease the cost of living, stimulate investment and support economic growth, while raising additional revenues for the Treasury.
Here's what to look out for when the Chancellor rises to deliver his Budget.
Energy bills
One of the headline announcements is expected to be the removal of standing charges on household gas bills, affecting around 23 million homes.
The Treasury estimates the change could save a typical household £45 a year, although the costs of maintaining the energy network would instead be recovered through charges based on consumption.
The Chancellor is also expected to announce measures restricting the Energy Secretary's ability to impose additional net zero levies on household bills.
Minimum wage
The National Living Wage is expected to rise to around £13.20 an hour from April 2027, delivering an above-inflation pay increase for millions of workers.
While the move would provide additional support for lower-paid employees, it would also increase costs for businesses already facing pressure from wages, energy bills and taxation.
Cash Isas
In a surprise reversal, the Chancellor is reportedly preparing to abandon plans to reduce the annual cash Isa allowance from £20,000 to £12,000.
The proposed reduction had been designed to encourage savers to move more of their money into stocks and shares, but faced significant opposition from banks and building societies, which rely on cash deposits to support mortgage lending.
According to the Financial Times, Healey has concluded that cutting the allowance is not the right approach to encouraging investment.
Banking taxes
The banking sector could face a significant tax increase, with speculation that the existing surcharge on UK banking profits above £100million could rise from 3% to 8%.
The move would raise additional revenue for the Treasury but is likely to prompt warnings from the financial services industry about the potential impact on lending, investment and competitiveness.
Housing and first-time buyers
The Chancellor is expected to unveil new measures designed to help more people onto the housing ladder.
These include a proposed My First Home scheme, offering equity loans to buyers of new-build properties, alongside a new First Time Buyer Isa. The Isa would allow prospective homeowners to save towards a deposit while benefiting from a tax-free government bonus.
Business investment and economic growth
The Chancellor is also expected to announce £20billion+ in additional support for the National Wealth Fund and British Business Bank over approximately five years.
The funding is intended to unlock investment, support growing businesses and help create or sustain around 100,000 jobs.