In brief
On 28 October 2026, the Chancellor of the Exchequer delivered the first Budget since Andy Burnham replaced Keir Starmer as Prime Minister.
Against a backdrop of higher energy prices, increased borrowing costs, and pressure on the public finances, the Budget was intended to signal a new economic direction focused on growth, investment and easing cost-of-living pressures. Despite considerable political fanfare, the measures announced were modest in scope. The rhetoric of radical change that Andy Burnham championed earlier in the year was not borne out in the Budget itself.
Although the Budget did not introduce any notable new taxes, such as a wealth tax or exit tax, it contains several targeted measures relevant to ultra-high-net-worth (UHNW) individuals, as well as announcements of plans for longer-term reforms. These include higher tax rates on savings and property income, changes affecting entrepreneurs and business owners, increased scrutiny of wealthy taxpayers, and reforms concerning internationally mobile individuals.
While some commentators consider that this Budget keeps open the possibility of an election in 2027, the expected timetable still points towards 2029. For clients considering the UK as a base, the outlook may be brighter than it first appears.