Two things to do before the Budget next week, company founder advises

Chancellor Rachel Reeves is set to present Labour's first Autumn Budget since winning the general election in July. The annual statement, which outlines the Government's future spending plans, is scheduled for Wednesday, October 30.

While the specifics of the speech are yet to be revealed, the Chancellor has previously indicated that 'difficult decisions' are necessary to 'restore economic stability' in the UK. This comes after allegations that the Conservatives left behind concerning £22 billion black hole in 'unfunded pressures' that the new Government has now inherited.

In August, Prime Minister Sir Keir Starmer also cautioned about a 'painful' Autumn Budget, stating: "I'll have to turn to the country and make big asks of you to accept short-term pain for long-term good."

But what does this mean for you? The Express spoke to Saq Hussain, Founder of Financial Education, about what to expect and key dos and don'ts ahead of the crucial day.

In an exclusive interview, he said: " Based on what has been put out in the press, it's pretty clear that the upcoming Labour Budget is expected to have a significant effect on the financial landscape for many households. Although income tax, VAT, and national insurance are likely to remain untouched, fiscal measures like freezing tax thresholds - known as 'fiscal drag' - are likely to pull more people into higher tax brackets as wages rise.

"For example, even if your salary increases marginally due to inflation or promotions, you could pay more tax, effectively reducing take-home pay. This disproportionately affects middle earners, who may struggle as their disposable income shrinks, making it harder to cover everyday costs amid ongoing inflation."

While Brits shouldn't panic or do