This briefing note assesses the Autumn 2026 Budget, the first from the new Chancellor, delivered against a backdrop of war in the Middle East, a fresh energy price shock and a weaker fiscal outlook. It looks at the economic and fiscal forecasts, the Budget’s cost of living, tax and spending decisions, and what they mean for household incomes over the rest of this Parliament. Higher gilt yields have pushed the forecast debt interest bill up to £147 billion in 2029-30, £13 billion more than in March. The Budget leaves the Government with just £14.5 billion of headroom, about three-fifths of its March level.