P107news.today107Wed 28 Oct05:55
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Healey to deliver first Budget with focus on cost of living
Chancellor John Healey will deliver his first Budget on Wednesday, promising households and businesses 'breathing space' from rising costs amid global economic uncertainty.
Chancellor John Healey will deliver his first Budget on Wednesday, promising 'breathing space today and fresh hope for the future' as the UK faces economic pressure from conflict in the Middle East. He is expected to announce a freeze in fuel duty and plans to reform energy pricing, including decoupling gas and electricity prices. The Budget comes as stretched public finances have reduced the government's fiscal headroom from £23.6bn to an estimated £12bn, with at least £14bn thought necessary to reassure financial markets. Multiple outlets report Healey will provide targeted support for households and businesses whilst maintaining Labour's self-imposed fiscal rules. Important decisions on defence spending, tax reform and welfare are expected to be deferred until next year.
From 10 outlets:
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