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UK Treasury chief faces headwinds as he delivers first budget under new Prime Minister, Andy Burnham
The budget extends energy bill relief for millions of households and raises bank and gambling taxes to help fund modest growth measures.
- On Wednesday, October 28, 2026, Chancellor of the Exchequer John Healey delivered his inaugural Budget to Parliament, describing it as a "stopgap" to provide "breathing space" for households and businesses facing economic strain.
- Global economic instability caused by the Iran war has fuelled inflation and increased borrowing costs, forcing Healey to navigate a severely constrained fiscal environment while attempting to fulfil spending commitments.
- The package includes a £100 energy payment for around 20 million households in council tax bands A–D and plans to scrap gas standing charges from 2027, saving households an average of £45 annually on bills.
- To fund energy relief, the Chancellor increased the bank corporation tax surcharge from 3% to 6% for 15 months from January, targeting financial sector profits to finance the immediate cost-of-living support package.
- Government officials pledged to reach 3% of GDP in defence spending by 2030, with details on meeting NATO's 3.5% target deferred to next year's spending review, balancing immediate relief with long-term national security priorities.
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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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Coverage Details
Total News Sources257
Leaning Left31Leaning Right25Center81Last UpdatedBias Distribution59% Center
Bias Distribution
- 59% of the sources are Center
59% Center
L 23%
C 59%
R 18%
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