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UK Treasury chief faces headwinds as he delivers first budget under new Prime Minister, Andy Burnham
The package includes a temporary bank surcharge rise, 20 million households getting £100 energy payments and more powers for regional mayors.
- On Wednesday, Chancellor John Healey delivered his first Budget, announcing a £2.6 billion energy support package including £100 payments for around 20 million households in council tax bands A to D, while pledging fiscal discipline amid global economic headwinds.
- Rising borrowing costs from the Iran war forced the Treasury to slash fiscal headroom to £15 billion for 2029/30, down from the £22 billion buffer set last year, constraining Healey's ability to fund giveaways.
- To fund high-street support, Healey raised machine games duty from 20% to 25% starting April next year, projecting £150 million by 2028-29. Industry leaders warned the hike would stifle investment and force betting shop closures.
- Supporting first-time buyers, the government launched a £4.7 billion 'Your First Home' equity loan scheme with 2.5% deposits, while extending the fuel duty freeze and 5p discount until 1 July 2027 for motorists.
- The Office for Budget Responsibility upgraded 2026 growth forecasts to 1.2% but slashed 2027 projections to 1%, signaling economic stagnation ahead. Analysts warned that long-term growth remains anaemic despite the government's investment commitments.
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266 Articles
POLITICAL COMMENT: Budget delivers breathing space today and fresh hope for the future for Portsmouth
Families will receive direct help with energy bills, motorists will see fuel duty frozen and thousands more high-street businesses will be taken out of business rates, as the Labour Government backs working people today while investing in Britain’s future.
·Portsmouth, United Kingdom
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Budget 2026: £100 energy payment, fuel freeze extension and tariff reduction for beans, chocolate and kerosene
John Healey has announced the Executive will receive funding for a £100 household energy payment for lower income households while a temporary VAT cut on electricity bills is to be extended until July 1, 2027.
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Total News Sources266
Leaning Left32Leaning Right25Center83Last UpdatedBias Distribution59% Center
Bias Distribution
- 59% of the sources are Center
59% Center
L 23%
C 59%
R 18%
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