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New UK finance minister Healey to hold first budget on October 28
John Healey said the budget will meet fiscal rules as economists warn there is little room for extra borrowing.
- On Friday, Chancellor John Healey announced his first Budget for October 28, pledging plans "built on fiscal discipline" to move "money and power out of Westminster."
- Persistent inflation linked to the war in Iran threatens to erode the £22 billion buffer left by former Chancellor Rachel Reeves, with The National Institute of Economic and Social Research warning of higher interest rates.
- Prime Minister Andy Burnham's devolution agenda and the £5 billion Defence Investment Plan require funding without clear payment details, forcing Healey to consider tax hikes or spending cuts.
- Stephen Millard, Niesr's deputy director for macroeconomics, suggested Healey explore welfare or pension cuts, while Healey emphasized "fiscal credibility is the bedrock of economic stability and national security."
- The government aims to "kickstart growth in every postcode" while navigating fiscal constraints, and Healey pledges to "abide by the fiscal rules" to protect against instability from the Middle East.
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The £8.4 billion pledged for the next phase of Britain's Dreadnought nuclear armed submarine programme was the first truly significant funding announcement of Burnham’s premiership, committing him to austerity and war.
·United States
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Healey announces early Budget
John Healey has confirmed he will deliver his first Budget on 28 October as he pledged to “shift power and money out of Westminster”. The Chancellor said on Friday that his first fiscal statement would “back Britain’s communities” setting the stage for a Budget that economists have predicted will be the country’s third in a row in which the overall tax burden will rise. “This will be a Budget that… will be built on fiscal discipline,” he said. “…
·London, United Kingdom
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Total News Sources34
Leaning Left8Leaning Right4Center11Last UpdatedBias Distribution48% Center
Bias Distribution
- 48% of the sources are Center
48% Center
L 35%
C 48%
R 17%
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