Autumn Budget 2026 preview
The new Chancellor of the Exchequer John Healey announced today (Friday 31st July), that the date of the Budget will be Wednesday 28th October 2026.

He will deliver the Autumn Budget on Wednesday 28th October 2026, alongside the publication of an economic and fiscal forecast from the Office for Budget Responsibility (OBR). The Treasury has stated that it will focus on "delivering for working people, by prioritising renewal and growth through investment and reform”.

What might be in the Budget Statement?
The Chancellor faces a difficult balancing act - trying to offer more support to households and meet commitments on defence spending, while also sticking to Labour's manifesto commitments on tax and the government's self-imposed fiscal rules. They are: not to borrow to fund day-to-day public spending by the end of this parliament and to get government debt falling as a share of national income by the end of this Parliament. Items of interest to classic car enthusiasts:

Capital Gains Tax
There has been speculation that Capital Gains Tax (CGT) - which is imposed on the profit people make when they sell an asset that has increased in value - could be changed, through either higher rates or by removing or amending exemptions. At the moment, if you pay income tax at the basic rate then CGT is charged at 18%. For higher and additional rate income tax payers, the CGT rate is 24%. The FT has reported, external that Healey has rejected proposals to raise CGT to the same rates as income tax. Currently classic cars are not subject to CGT.

Mansion Tax
The High Value Council Tax Surcharge - dubbed the Mansion Tax - was announced in last year's Budget and will apply to properties in England valued above £2m from April 2028. There had been speculation that the government was considering extending it to properties worth more than £1.5m. However, reports now suggest, external Healey has ruled this out.

Fuel duty
Fuel duty was frozen under the Conservatives in March 2022 and Sir Keir Starmer's government continued the freeze, deciding in May to push back a planned 3p increase in September until the end of this year. The Chancellor told the BBC in late September that the "place" and "time" for dealing with rising petrol and diesel costs was the Budget, but would not give details on whether the freeze would be extended again.

Fuel cost and inflation pressures
The unpredictable effects of random decisions by Trump and the serious constrictions on oil supplies through the two pinch points in the Middle East remain dominant features. In the UK fiscal drag is a continuing issue for tax payers which together with inflation are creating uncertainties over the cost of living and domestic budgets in the UK.

Next updated MGV8 Price Guide
Our next six monthly update for the six months to the end of October 2026 is due for release on the V8 Website in early November as usual.

Press release