What time is the Autumn Budget 2024 today?

Rachel Reeves will deliver her first budget as Chancellor of the Exchequer to the House of Commons on Wednesday.

Labour has said they are having to make 'tough decisions’ after claiming they inherited a £22bn "black hole” in the public finances from the previous government.

Among the announcements that have already been confirmed is that the minimum wage will rise to £12.21 an hour next year - a 6.7% increase.

Read more: What could be announced in Autumn Budget 2024 - from state pension rise to tax changes

The chancellor described the move as a “significant step” towards delivering on Labour’s manifesto promise to introduce a “genuine living wage for working people”.

There is also speculation that the government will raise national insurance contributions for employers.

Ms Reeves will deliver her statement around 12.30pm today following Prime Minister’s Questions (PMQs) in the House of Commons.

You can watch Ms Reeves announce the budget and the debate which follows on the Parliament’s online streaming website. It will also be broadcast on popular news channels including Sky News and BBC News.

What can we expect from the Autumn Budget 2024?

The budget’s content will only be official once Ms Reeves announces it later today, but these are some measures that we are expecting might come up.

• An increase in national insurance contribution for employers

• An increase in Capital Gains Tax, currently only paid by around 350,000 people

• Changes to pension tax rules - the government could decide to slash the tax-free lump sum that people can take from their pensions

• An increase in fuel duty, a tax included in the price motorists pay for petrol

• Changes to council tax discounts, currently there is a 25% reduction for single households which might be about to change

• Changes to inheritance tax, it is not yet certain what these changes will include

• The government has confirmed that a large boost in affordable housing will be announced

• It is expected that the government will announce billions of pounds to be injected into the NHS

What happens after the Autumn Budget is announced?

After Ms Reeves announces the budget, there will be a debate in Parliament where other MPs get to give their immediate reactions. The debate typically lasts around four days.

Then once the debate is over, the proposed changes will be examined by parliamentary committees. Finally, once any necessary legislation is passed, the measures outlined in the budget begin to be implemented.