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Key measures in UK finance minister Healey's first budget
The budget raises minimum pay by 3.9% and adds a £1.5 billion bank tax to help fund energy relief, defence and aid for Ukraine.
- On Wednesday, Chancellor of the Exchequer John Healey unveiled his first Autumn Budget, announcing bank tax hikes and energy payments designed to provide "breathing space" for households after years of economic stagnation.
- Global fuel prices have soared in recent months due to the US-Israel war on Iran, prompting Healey to implement relief measures as ordinary Britons struggle with the ongoing cost-of-living crunch.
- Twenty million households will receive a one-off £100 payment toward energy bills, funded by doubling the bank tax surcharge to 6% for 15 months, expected to raise 1.5 billion British pounds.
- Conservative leader Kemi Badenoch labeled the plans "not bold enough," while Unite union general secretary Sharon Graham dismissed the cost-of-living measures as "baby steps" that will not address the scale of the crisis.
- Healey outlined plans to devolve tax revenues to regional mayors, with 100% of business rates retained locally by decade's end. The government will detail how it will meet NATO defence spending targets of 3% by 2030 during next year's spending review.
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Here Are the Key UK Budget Measures Announced by John Healey
John Healey’s budget punted the biggest decisions facing Andy Burnham’s new UK government into the future, focusing instead on modest measures designed to help ordinary Britons and businesses weather the cost-of-living crunch..
·New York, United States
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Coverage Details
Total News Sources8
Leaning Left2Leaning Right1Center5Last UpdatedBias Distribution63% Center
Bias Distribution
- 63% of the sources are Center
63% Center
L 25%
C 63%
12%
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