Key facts
- Chancellor John Healey will deliver his first Budget on October 28.
- The Budget aims to move money and power out of Westminster.
- The government intends to provide stability for businesses and families.
- Healey stated the Budget will be built on fiscal discipline and meet government fiscal rules.
Chancellor John Healey announced that his first Budget will be delivered on October 28, with the aim of "spreading money and power" out of Westminster and supporting "British jobs and communities." The new government plans to adhere to its fiscal rules, seeking to provide stability for businesses and families. However, economists and City investors warn that elevated borrowing costs and the UK's high national debt may necessitate tax increases to fund the government's agenda. Healey has pledged that the Budget will be built on fiscal discipline and meet the government's fiscal rules, while also aiming to stimulate growth and ease cost-of-living pressures. Several policy announcements have already been made, including a VAT cut on energy bills and slashing business rates for certain venues, which will require funding details to be outlined in the upcoming fiscal statement.