Key facts
- Prime Minister Andy Burnham defended Chancellor John Healey's budget.
- The budget includes support for 20 million households with energy costs.
- 70,000 businesses are to be lifted out of business rates.
- The budget adheres to fiscal rules and aims for a stable approach.
- The Institute for Fiscal Studies believes the budget will have little impact on growth.
- Burnham ruled out a snap general election within the next 12 months.
Prime Minister Andy Burnham on Wednesday defended Chancellor John Healey's first budget, emphasizing measures to support households and businesses amidst challenging economic conditions. Burnham described the budget as "pretty bold," highlighting support for 20 million households with energy costs through council tax cuts and the removal of business rates for 70,000 companies. He stated these actions were taken within a prudent fiscal framework, meeting the government's rules. The budget was unveiled as the UK faces high inflation and has seen its total borrowing surpass 3 trillion pounds. The Institute for Fiscal Studies, however, expressed skepticism, suggesting the budget would do "very little to move the dial on growth."