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In first budget, UK's Healey tries to shelter households from economic storms
Healey said the package will cost £2.6 billion and add £65 billion to borrowing over five years, according to budget forecasters.
- On Wednesday, Finance Minister John Healey unveiled his first budget, offering £100 payments to 20 million households and a fuel duty freeze to shield households from what he called 'global economic storms.'
- Prime Minister Andy Burnham, who took office in July, promised 'the biggest changes in the last 40 years' in British politics, signaling a larger state role that shaped the government's new fiscal strategy.
- To fund priorities, the government raised the profits levy to 6% for 15 months and will scrap £2 billion in public investment projects for defense spending, adding £65 billion to borrowing over five years.
- British 30-year government bond yields fell to 5.691%, reflecting market optimism, though Andrew Chorlton of Investments warned attention will 'quickly turn from fiscal discipline to whether the budget can actually deliver stronger growth.'
- The OBR expects inflation to peak at 3.8% in early 2027, with GDP expanding 1.2% in 2026 before slowing to 1.0% in 2027, as officials plan a 10-year strategy and spending review next year.
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UK seeks to give households ‘breathing space’ this winter over Iran war energy price spike
U.K. Treasury chief John Healey used his first budget Wednesday to offer households and businesses some support with energy bills this winter in the face of what he termed “global economic storms.”
·Jackson, United States
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In first budget, UK's Healey tries to shelter households from economic storms
UK finance minister John Healey offered help on Wednesday to households buffeted by "global economic storms", easing the hit from rising energy bills and helping drivers with fuel costs in the first budget of Prime Minister Andy Burnham's government.
·London, United Kingdom
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Total News Sources4
Leaning Left2Leaning Right0Center2Last UpdatedBias Distribution50% Left, 50% Center
Bias Distribution
- 50% of the sources lean Left, 50% of the sources are Center
50% Center
L 50%
C 50%
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