The “key things” on people’s payslips won’t change after this Wednesday’s Budget announcement, a cabinet minister has said.

The minister said that includes things like “income tax and national insurance”.

Pat McFadden, Chancellor of the Duchy of Lancaster, told Times Radio: “An important thing is when people see their payslip after the Budget, those key things to look for: the level of tax – income tax and national insurance – in their payslip in their wages, that won’t change after Wednesday.”

He also said that Wednesday’s Budget will be the “most honest” in “some years”.

Mr McFadden said: “There’s no point in telling people everything’s absolutely fine when the prison system is in a state of collapse, when NHS waiting lists are at a record high, when we’ve got crumbling schools.

“There’s so much that’s wrong that we’ve got to fix and it’s important to set that out honestly and candidly for the public.

“I think we’ll have the most honest Budget on Wednesday that we’ve had for some years.”

When will the 2024 Autumn Budget take place?

The 2024 Autumn Budget will be held on Wednesday, October 30 shortly after 12:30pm. This is expected to last approximately an hour.

The last budget was held under the previous government and took place during the last Parliament on March 6, 2024.

UK Chancellor Rachel Reeves is expected to deliver a 'tough' budget this autumn UK Chancellor Rachel Reeves is expected to deliver a 'tough' budget this autumn (Image: PA)

Recommended Reading: 

How to watch the Autumn Budget

Those wishing to watch this year's Autumn Budget can do so on the BBC and BBC News website. It will also be available to stream on Parliament TV.

The budget will be delivered by Chancellor Rachel Reeves with the first phase of the statement typically beginning with a review of the nation's finances before setting out proposals from the government.