What is the Budget and what could be in it?

Alongside the Budget, the Treasury will publish details about the measures and their costs.

The independent Office for Budget Responsibility (OBR), which monitors government spending, will also publish an assessment of the health of the UK economy and a forecast of what it thinks will happen in the future.

What might be in the Budget?

The run-up to the Budget typically generates speculation about what might be in it, which the government is trying to keep to a minimum this year.

Healey and Prime Minister Andy Burnham face a difficult balancing act, trying to offer more support to households and meet commitments on defence spending, while also sticking to Labour's manifesto commitments on tax and the government's self-imposed fiscal rules.

• Not to borrow to fund day-to-day public spending by the end of this parliament

In March, the OBR calculated that the first rule would be met with a gap - or headroom - of £23.6bn. However, this headroom is expected to have shrunk.

Analysts are divided on how much it may have fallen by. While a rise in government borrowing costs will increase debt interest payments, higher inflation could push up tax revenues.

There has been speculation over what specific measures will be announced in the Budget.

Bank bosses have told the BBC they expect Healey to raise taxes on the sector. UK banks have been reporting bumper profits, leading to calls from unions for higher taxes.

The Treasury has options: it could raise a 3% surcharge on profits which was lowered from 8% under the previous Conservative government, or it could raise the bank levy that is based on the size of their balance sheets.

Further details on the Your First Home scheme, aimed at helping first-time buyers in England to purchase a property, are expected to be announced in the Budget.

The scheme will allow people to buy a new-build home with a deposit of 2.5%. It would provide them with a loan worth 20% of their property's value to help pay for the purchase.

There were concerns raised that the threshold for eligibility for first-time buyers could be set at £90,000 for a combined income outside London, and £110,000 in the capital, which could have excluded couples such as teachers and nurses, or police officers.

Pensioners on low-incomes are expected to be shielded from income tax through a new personal allowance. The government had already committed to not taxing people who only get an income from the state pension. But the full state pension is set to rise above the current £12,570 threshold, meaning about one million people would have needed to pay tax.

The Times has reported, external that online retail giants such as Amazon and eBay are expected to be made responsible for collecting tax owed by traders using their platforms.

The paper said the money raised is expected to be used by the government to cut business rates for High Street shops, by raising the threshold at which small companies start paying rates from £12,000 to £18,000.

The BBC understands the chancellor will keep fuel duty frozen at the Budget and keep in place the 5p fuel duty cut introduced by Rishi Sunak in 2022, as first reported by The Sun, external.

Household energy bills are set to see their biggest rise in four years in January, with a typical annual bill forecast to jump by £276.

Healey has said the government plans to slash "form-filling and pointless paperwork" to save UK businesses up to £800m.

The government has announced plans to remove tariffs from 100 food items, which it calculates could save households up to £21 per year - or 40p a week - when combined with existing tariff suspensions that were introduced in June.

The government is changing Carer's Allowance, which will allow carers to earn more than an existing earnings limit without losing their entire allowance.

Healey is expected to add another £1bn to the £39bn planned spend on social and affordable housing in England over the next decade.

Regional bodies and mayors in England will be given greater powers over spending, starting with £285m next year for things like housing, transport and High Streets. In future the regions will be able to borrow to spend more on local priorities.

There had been speculation that Capital Gains Tax (CGT) - which is imposed on the profit people make when they sell an asset that has increased in value - could be changed, through either higher rates or by removing or amending exemptions. However, this has now been ruled out.

The High Value Council Tax Surcharge - dubbed the mansion tax - was announced in last year's Budget and will apply to properties in England valued above £2m from April 2028.

There had been speculation that the government was considering extending it to properties worth more than £1.5m. However, reports now suggest, external Healey has ruled this out.

What are opposition parties saying?

How is the economy doing?

The most recent data showed the economy grew by 0.1% in August after growth of 0.4% in July, with both figures stronger than expected.

Energy prices jumped after the conflict led to the effective closure of the Strait of Hormuz, a key waterway for oil and gas trade.

Prices for goods and services are still rising faster than wanted. Inflation hit 3.1% in the year to August, the highest rate in five months and above the Bank of England's 2% target, driven by higher petrol and diesel prices.

The Bank of England held interest rates at 3.75% for the sixth time in a row in September, but said they were likely to rise if high energy prices persist.

What time is the Budget and what happens afterwards?

It will be broadcast live on the BBC iPlayer and on the BBC News website.

However, the government must pass a finance bill to make them permanent.