Budget: Healey hikes taxes and delays defence spending as economy set to slump October 28, 2026 John Healey has announced a string of tax hikes to fund short-term measures worth billions of pounds to help households and businesses cope with rising prices, in a maiden Budget that omitted major spending plans on defence and welfare. In his speech, the Chancellor said the government would look to raise defence spending to three [...]
Budget 2026: Healey grants HMRC sweeping powers to chase tax debts October 28, 2026 John Healey has given HM Revenue and Customs (HMRC) more funding and sweeping powers “to collect overdue tax from those who can clearly afford to pay but ignore repeated contact”, in yet another clampdown on tax debts. The move marks a major expansion of the taxman’s power and comes amid the government’s push to stamp [...]
Budget 2026: Healey doubles bank tax to fund energy package October 28, 2026 John Healey has confirmed a “time limited” tax hike on the UK banking sector as a means to fund the government’s energy support package. The Chancellor will double the surcharge, which sits on top of corporation tax, to six per cent. The increase will begin in January and continue for 15 months. “I want to [...]
Healey scraps ‘unfair’ standing charges from gas bills October 28, 2026 John Healey has said he will scrap “outdated and unfair” standing charges from gas bills, in a move which could save households £45 per year. The Chancellor said these fees – which are charged on top of the daily rate to cover the cost of connecting to a supply – are part of “an energy [...]
Budget 2026 Live: Healey introduces pension tax allowance and lays out bank surcharge plans October 28, 2026 Welcome to City AM‘s Budget liveblog. The Chancellor has delivered his Budget speech in the House of Commons. John Healey announced a range of measures to tackle the cost of living but the market will keep a close eye on his tax and spending plans as the government looks to balance the books. Healey has [...]
Budget 2026: Healey carves out political breathing space for Andy Burnham October 28, 2026 If John Healey’s looking for a political narrative to frame his Budget, perhaps he could borrow from AI behemoth Anthropic. The Claude-maker’s extraordinary IPO prospectus insists that for all the risks and uncertainty surrounding the technology and economics of AI, their approach will be “bold but sane.” In fact, the full quote is that “in [...]
Healey poised to deliver ‘long grass’ Budget October 27, 2026 John Healey’s maiden Budget is likely to omit clear plans to boost defence spending, reform taxes and curb the welfare bill, economists have predicted, in a move that would kick “tough decisions into the long grass”. Healey, who resigned from Sir Keir Starmer’s government over the Treasury’s refusal to set out how it would lift [...]
Healey expected to set £15bn fiscal headroom with £5bn in tax hikes October 27, 2026 John Healey will set his fiscal headroom at a minimum of £15bn, City analysts have predicted, although closer attention will be paid to the Chancellor’s spending restraint. Economists at major banks are anticipating Healey’s buffer against the main fiscal rule to shrink slightly. The borrowing rule states that day-to-day government spending should at least match projected [...]
Budget 2026: Will the real John Healey please stand up? October 27, 2026 John Healey is set to deliver his first Budget although business chiefs, trade unionists and bond traders are still unsure of what to expect. Maurício Alencar reports on whether he can assert his authority on Wednesday. In the period between Sir Keir Starmer leaving Number 10 and Andy Burnham taking over, ambitious Labour figures vied [...]
Tech bosses warn Chancellor UK risks surrendering to foreign AI giants October 26, 2026 Britain risks becoming dangerously dependent on foreign tech giants unless the government develops a comprehensive strategy for its own AI, industry leaders have warned the Chancellor ahead of his Budget on Wednesday. UKAI, which represents more than 270 AI businesses, has urged John Healey to commit substantial funding to a national sovereign AI strategy, warning [...]