UK Treasury chief faces headwinds as he delivers first budget under new Prime Minister, Andy Burnham
The budget includes household energy support and a smaller-than-feared bank tax rise as Healey tries to protect market confidence.
- UK Chancellor John Healey will deliver his first Autumn Budget on Wednesday at 12:30 pm GMT, giving him and Prime Minister Andy Burnham a chance to outline their tax and spending plans.
- Drawing on his experience as defense secretary, Healey has imposed tight security over budget preparation. Borrowing costs remain at multi-decade highs, with higher energy prices eroding fiscal headroom to as little as £10 billion.
- The government plans to hand £20.4 billion to the National Wealth Fund and British Business Bank, while potentially shifting tax and spending control to local authorities. Markets Chief Market Analyst Aaron Hill noted Gilt yields and the GBP will be closely watched.
- Michael Saunders, a former Bank of England Monetary Policy Committee member, told CNBC the budget could redistribute spending between regions rather than increasing the overall pot. He cautioned it would do nothing for growth "in the next year or two."
- Healey must address plans to increase defense spending to 3% of GDP by the decade's end, the issue over which he resigned from Keir Starmer's government in June. National debt exceeds £3 trillion, leaving limited room for maneuver ahead of next year's elections.
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95 Articles
El Periódico
To rule is to choose and the British Prime Minister, Andy Burnham, has chosen containment as the common thread of his first budgets, 100 days after landing at Number 10 of Downing Street. Prioritizing, as had been the tonic from the beginning, helping families face the cost of living and promising to respect fiscal discipline, his Finance Minister, John Healey, has presented this Wednesday in Parliament a relatively modest package, without big t…
Decentralization on a historic scale was announced by the British government in a new budget presented on Wednesday, under which English regions will be able to retain part of the taxes collected locally in the future. Prime Minister Andy Burnham, who took office this summer, will begin the transformation of one of the most centralised states in the world, as the Treasury tries to balance between public subsidies and tight budget constraints wit…
The Minister of Finance of the Kingdom presents his first budget and promises discharges – orange jam is also to be cheaper, while at the same time giving his boss resources for major reforms.
Fury as Healey’s Budget leaves firms facing rising costs as 'doing business is getting harder every month' - London Business News
Chancellor John Healey has avoided headline increases in income tax, national insurance and VAT in his first Budget, instead targeting banks, adjusting pension tax allowances and offering selective relief to… The post Fury as Healey’s Budget leaves firms facing rising costs as ‘doing business is getting harder every month’ appeared first on London Business News
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