LIVE: Breaking down the UK Autumn Budget 2026 for payments industry

UK Autumn Budget 2026: Challenger banks’ request for a £500m surcharge allowance is not met, and HMRC will collect tax by direct debit and from bank accounts from 2029. UK Chancellor John Healey has doubled the Bank Corporation Tax Surcharge to 6% for 15 months to help fund a £2.6bn ($3.45bn) Household Energy Payment , according to the UK Autumn Budget 2026 published by HM Treasury on 28 October. The Budget also commits HMRC to mandatory direct debit for VAT and PAYE liabilities, mandatory VAT e-invoicing and a new power to recover tax debts from bank accounts, all from 2029.