The Labour Party won a landslide victory in the 2024 general election, with Keir Starmer becoming Prime Minister and Rachel Reeves becoming Chancellor of the Exchequer. On 8 July 2024, Reeves gave her first statement as Chancellor, during which she revealed that the budget would be held later in the year, with a date to be confirmed.[3][4] On 29 July, Reeves confirmed 30 October as the date for the budget.[5]