Prime Minister Policy Announcements: What They Could Mean for Your Money, Home and Future

Last updated: 22 October 2026

Andy Burnham became Prime Minister on 20 July 2026. His government’s first Budget is on Wednesday 28 October 2026, and until then most of his early pledges are plans rather than policy. Many will also need legislation or funding detail, so check what has actually changed before you act. We will update this page after the Budget.

Here is what has been announced so far, what it could mean for everyday households, and what is still to be confirmed.

What has Andy Burnham announced since becoming Prime Minister?

In his first speech as Prime Minister on 20 July 2026, Andy Burnham set out his early priorities. He said the government would:

• help more young people into work, by changing the education system and giving them more support, including more mental health support;
• build more council homes;
• give people “some breathing space” with the cost of living;
• make ending rough sleeping his first instruction in office.

His government then set its first Budget for Wednesday 28 October 2026, the first for Chancellor John Healey.

What could it mean for housing and first-time buyers?

The PM has said the government will build more council homes. How many, and how they will be funded, is still to be confirmed.

What this means for you

For first-time buyers, more housing supply could help affordability over time, although these changes won’t happen overnight. Renters could also benefit if more affordable and social housing becomes available, easing pressure across the wider housing market.

Affordability is still stretched. According to the Office for National Statistics, in 2025 the median home in England cost 7.6 times the median annual earnings of a full-time employee, and 6.0 times in Wales.

If you are thinking about buying, our mortgage advisers can talk you through your options. Your home may be repossessed if you do not keep up repayments on your mortgage.

Will my Income Tax, VAT or National Insurance go up?

Any changes to Income Tax, VAT or National Insurance would be set out in the Budget on 28 October 2026. Until the Budget documents are published, treat reports of tax changes as speculation.

Today the standard Personal Allowance is £12,570, the amount of income you do not pay tax on. If it rises in future, more of your earnings would be tax free, meaning slightly more money in your pocket each month.

Could a wealth tax be introduced?

No wealth tax has been announced. Until details are published, it remains a possibility rather than a confirmed change.

What help is there with jobs and getting into work?

The PM has said the government will help more young people into work and give them more mental health support. The detail of any new employment support is still to be confirmed.

What this means for you

If these plans go ahead, they could make it easier for young people to gain work experience and help more people return to work with extra support. Secure work is closely linked to financial wellbeing, giving people more resilience and long-term stability.

What happens to the State Pension?

The full rate of the new State Pension is £241.30 a week in the 2026 to 2027 tax year. The rate for April 2027 has not yet been confirmed.

If you are planning for retirement, the State Pension is only one part of the picture. Our pensions team can help you check whether you are on track. The value of your pension can fall as well as rise.

What is the government doing about rough sleeping?

The PM launched a national drive to end rough sleeping, backed from day one by an additional £340 million. While this won’t directly affect most households’ finances, it is a wider investment in housing and local communities that could ease pressure on public services over the longer term.

What should you do now?

Many announcements are long-term ambitions rather than immediate changes. Before a policy affects your finances, it usually needs to pass through Parliament and be put into practice.

1. Check what has actually changed. Use the GOV.UK Budget documents, not headlines.
2. Note the start dates. Many tax changes start in April, not on Budget day.
3. Review your plans. Look again at your budget, savings, mortgage and pension if a change affects you.
4. Get help before big decisions. Speak to a qualified adviser before acting on a political announcement.

For free, impartial money guidance, you can also visit MoneyHelper, which is backed by government.

Frequently asked questions

When is the 2026 Budget?

The Budget is on Wednesday 28 October 2026. It is Chancellor John Healey’s first.

What is the Personal Allowance now?

£12,570 in the 2026 to 2027 tax year.

How much is the full new State Pension?

£241.30 a week in the 2026 to 2027 tax year.

Need help understanding how these changes could affect you?

Political announcements can create uncertainty, but good financial planning shouldn’t rely on headlines alone. Whether you’re saving for a home, planning for retirement or simply looking to make the most of your money, our team is here to help you make informed decisions based on your personal circumstances.

Get in touch with us today to speak to one of our experts, or book a free chat with a Lifetime coach. You can also read what we said about last year’s Autumn Budget.

Please note: The policies discussed are based on announcements made at the time of writing (22 October 2026) and may change as legislation develops. If you’re unsure how any future changes could affect your own finances, it’s worth speaking to a qualified financial adviser.

Written by Ione Morton, Marketing Executive

This article is general information, not personal financial advice. Lifetime is authorised and regulated by the Financial Conduct Authority (FRN 225795).