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UK Treasury chief faces headwinds as he delivers first budget under new Prime Minister, Andy Burnham
Healey plans limited tax rises and modest spending relief as he seeks to protect markets and fund help for households facing higher energy bills.
- 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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Healey seeks to steer UK through ‘difficult moment’ with low-key budget
British finance minister John Healey is set to announce a cautious budget plan on Wednesday as he tries to avoid piling more bond market pressure on the new government of Prime Minister Andy Burnham. Banks, gambling firms and online marketplaces such as Amazon AMZN.O and Temu PDD.O are expected to be hit with higher taxes. […]
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Total News Sources71
Leaning Left15Leaning Right12Center16Last UpdatedBias Distribution37% Center
Bias Distribution
- 37% of the sources are Center
37% Center
L 35%
C 37%
R 28%
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