UK Treasury chief faces headwinds as he delivers first budget under new Prime Minister, Andy Burnham
The package shifts costs to banks and gambling firms while expanding support for households, pensioners and small businesses.
- On Wednesday, Chancellor John Healey delivered his inaugural Budget under Prime Minister Andy Burnham, announcing a £100 household energy payment for 20 million households in council tax bands A to D.
- High borrowing costs and national debt exceeding £3 trillion forced Healey to lower fiscal headroom to £15 billion for 2029/30, restricting his ability to fund new energy support and business relief measures.
- To fund these measures, Healey raised the bank profits surcharge by 3 percentage points and increased machine games duty from 20% to 25%, while pledging to scrap gas standing charges from 2027.
- Expanding high street support, Healey increased the small business rates relief threshold to £18,000, removing 70,000 firms from paying rates altogether, while extending the VAT cut on electricity until July 2027.
- Analysts warn that shifting fixed gas costs to unit rates may increase bills for larger homes, even as the government aims to improve resilience against economic shocks following the Iran war.
185 Articles
185 Articles
Budget 2026: £100 energy payment, fuel freeze extension and tariff reduction for beans, chocolate and kerosene
John Healey has announced the Executive will receive funding for a £100 household energy payment for lower income households while a temporary VAT cut on electricity bills is to be extended until July 1, 2027.
Think Tanks Pan Healey’s ‘Do-Nothing’ Budget
The reactions are in from Westminster’s wonks on Healey’s Breathing Space Budget. They’re struggling to breathe… Onward’s director Simon Clarke said: “Britain is drowning in three trillion pounds of debt, while the Chancellor shuffled costs from one pocket to the next… Scrapping standing charges on gas bills only to load the cost onto gas usage…
No changes to inheritance tax in UK Budget 2026
No changes to the inheritance tax have been announced in the UK’s Autumn budget, unveiled today (Wednesday, October 28) by the new Chancellor, John Healey. The main relief of relevance to British farmers that emerged from today’s speech are an extension of the 5p cut to fuel duty for a further six months. In addition, […]
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