Rachel Reeves has scheduled the autumn Budget for 26 November, later than many in the City expected.
The Chancellor put out a video statement on social media to confirm the date, also reaffirming her commitment to her fiscal rules.
UK government bonds saw demand after the statement, sending yields falling back from recent highs, with the 30-year gilt yield having hit its highest level in 27 years.
In her statement, Reeves said the British economy "isn’t broken – but I know it’s not working well enough for working people".
She says the UK has "huge potential - world-leading brands, dynamic industries, brilliant universities, and a skilled workforce. We’re a global hub for trade" and "fixing the foundations has been my mission this past year".
She says the next targets are bringing inflation and borrowing costs down "by keeping a tight grip on day to day spending through our non-negotiable fiscal rules. It’s only by doing this can we afford to do the things we want to do."
This government will build an economy that works for working people, and rewards working people. pic.twitter.com/lAPR7RvX5Y
— Rachel Reeves (@RachelReevesMP) September 3, 2025
The Treasury confirmed the Office for Budget Responsibility has been commissioned to prepare its economic and fiscal forecasts for that date.
Analysts had been expecting the fiscal event to come at the end of October or the start of November, though rumours had lately emerged about a late November date.
The past month has seen a torrent of leaks from government and speculation about potential tax rises to help fill an expected £30 billion black hole in the UK’s public finances, in order to try and avoid spending cuts.
Leaks and proposals from thinktanks have included increases in capital gains tax, property tax rises, national insurance hikes on rental income and a levy on banks.
This "drip feed" of potential moves has been seen by some in the City as "eroding confidence and dimming the prospects for the UK economy", said market analyst Kathleen Brooks at XTB.
Putting the Budget after the Bank of England’s November policy meeting would, said economist Rob Wood at Pantheon Macroeconomics, diminish the chances of tighter fiscal policy forcing another rate cut this year.