Published • loading... • Updated
Key measures in UK finance minister Healey's first budget
The package funds household energy support with higher bank taxes and expands local control over business rates, while leaving the tax burden near a postwar high.
- On Wednesday, Chancellor of the Exchequer John Healey unveiled his first Autumn Budget, introducing a package of measures to support households and businesses under Prime Minister Andy Burnham's new government.
- Aiming to provide "breathing space" for households, Healey designed policies for working people who have experienced a dramatic decline in living standards in recent years. The measures respond to years of economic stagnation fuelled by austerity, Brexit, and rising energy prices.
- Twenty million households will receive a one-off £100 payment to help with soaring energy bills, while minimum and living wages will rise by 3.9% from April. Standing charges on gas bills will also be scrapped as soon as next year.
- To fund these measures, Healey increased the bank corporation tax surcharge to 6% for 15 months, expected to raise £1.5 billion . Economist James Meadway of the think tank Verdant told Al Jazeera the measures will not tackle the cost-of-living crisis "in any serious way."
- The Office for Budget Responsibility downgraded its 2027 growth forecast to 1 percent from 1.5 percent, while projecting no growth in real earnings next year. These sobering forecasts highlight economic fragility despite the government's targeted support packages.
Insights by Ground AI
Podcasts & Opinions
33 Articles
33 Articles
Budget 2026 - Thomas Pope, BBC 5 Live
Budget 2026 - Thomas Pope, BBC 5 Live ellie.slee.lamb Thu, 29/10/2026 - 09:51 Thomas Pope, IfG chief economist, gives his verdict on the budget and tells us why the chancellor’s short-term giveaways can't continue indefinitely. 1 IfG in the news BBC 5 Live No Public finances Budget Public spending Economy Labour Burnham government No John Healey Off Public finances
Coverage Details
Total News Sources33
Leaning Left6Leaning Right6Center9Last UpdatedBias Distribution43% Center
Bias Distribution
- 43% of the sources are Center
43% Center
L 29%
C 43%
R 28%
Factuality
To view factuality data please Upgrade to Premium
