What Big Changes Could Chancellor John Healey Make in the Budget?
The plan could raise about £1 billion from online VAT collection and more than £2 billion from bank taxes, while easing costs for small retailers.
- On Wednesday, October 28, Chancellor John Healey will deliver his first Budget, setting fiscal priorities for Prime Minister Andy Burnham's government amid mounting speculation about tax rises and spending measures.
- Inflation reached an 11-month high of 3.5% in September as rising energy costs and global market turmoil linked to the Iran war strained the UK's economic recovery.
- The Treasury is weighing tax hikes on bank profits, online marketplaces, and gambling firms, though Healey rejected calls to align Capital Gains Tax with income tax rates, according to reports.
- Healey reportedly considers a £1 billion expansion of the Warm Home Discount, which currently grants a yearly £150 rebate to energy bills for households receiving qualifying means-tested benefits.
- Analysts estimate the Treasury's fiscal headroom has halved to £11 billion, significantly limiting the government's ability to absorb sudden economic shocks while meeting its fiscal rules.
22 Articles
22 Articles
Inheritance tax, student loans and pensions: Healey's potential Budget ‘rabbits’
Andy Burnham – and the Labour Party – have been riding high ever since he barged Sir Keir Starmer aside to take the controls of Britain in July. A host of popular, if small, cost of living measures, a barnstorming speech at Labour’s annual conference and Labour taking a lead in the polls for the first time in more than a year have all seen spirits soar after the gloom-laden days of Starmer and his Chancellor Rachel Reeves. Now, however, there ar…
Autumn Budget 2026: What does the bond market want?
John Healey is not expected to rock the boat in his maiden Budget next week. Looking at the combustible bond market, that’s probably just as well, writes Ali Lyon. John Healey is, the well-worn cliche goes, walking a tightrope. Boxed in from three directions, the Chancellor could certainly have hoped for an easier backdrop in [...]
Healey's First Budget to Push Hard UK Choices to Another Day
Andy Burnham and John Healey are leaving us in the dark but there is one thing they can't bring themselves to do
Let's be honest here, almost everyone is unhappy with Labour's recent budgets. And we've got no reason to think that next week's will be any better.The pattern is horrendous: taxes up, spending up, and debt piling up. How can this be anything other than daft?If you don't believe me that it's daft and want evidence that recent budgets do more harm than good, then I will bring in an expert witness – Mr Tony Blair.Earlier this year he boldly said t…
How John Healey should approach his budget headache
How John Healey should approach his budget headache sam.macrory Thu, 22/10/2026 - 15:34 IfG experts set out how the chancellor should approach a difficult budget. 6 Comment Ben Paxton Dan Haile Thomas Pope Rosa Hodgkin Institute for Government Yes On 28 October John Healey will deliver his first budget as chancellor. Public finances Budget Tax Public spending Defence and security Economy Labour Chancellor of the exchequer Prime minister Burnham…
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