The Office for Budget Responsibility (OBR) is set to publish its latest economic and fiscal outlook alongside the upcoming Budget, following a formal request from Chancellor John Healey.
The timing was confirmed in a letter sent by Healey to the Treasury Select Committee. The Autumn Budget will mark his first fiscal statement since succeeding Rachel Reeves as Chancellor in the government led by Prime Minister Andy Burnham.
Commenting on the announcement, AJ Bell’s Public Policy Director, Tom Selby, said the Chancellor faces the challenge of supporting economic growth while navigating ongoing global uncertainty and delivering on the new government’s priorities.
Selby also urged Healey to revisit proposals that would bring most unused pension funds and certain death benefits into the scope of inheritance tax (IHT) from April 2027.
While recognising the government’s intention to review the tax treatment of pensions on death, Selby argued that the proposed changes could increase complexity and slow the administration of estates for bereaved families.
AJ Bell has instead put forward alternative options, including applying a fixed tax charge to inherited pension assets or taxing withdrawals through the existing income tax framework.
According to Selby, extending inheritance tax to pensions is not the most effective solution. He suggested that, although implementation is approaching, there is still an opportunity for the Chancellor to consider a simpler method that could generate similar tax revenues while avoiding additional delays within the probate process.