Key facts
- UK Budget set for October 28.
- Chancellor John Healey to present the budget.
- New announcements must be funded from existing budgets.
UK Chancellor John Healey has pledged that his upcoming budget, scheduled for October 28, will offer consumers and businesses "breathing space" while adhering to Labour's fiscal rules. Speaking at the IMF annual meetings in Bangkok, Healey stated his intention to reinforce the strength of the UK's fiscal plans and economy.
He indicated that any new spending initiatives would need to be funded from within existing departmental budgets, a stance that aligns with the fiscal discipline previously set out by his predecessor, Rachel Reeves. The International Monetary Fund has reportedly praised the UK's plan to tackle its deficit.
Healey declined to speculate on potential tax increases, citing the damaging effect such speculation had on previous budgets. He also hinted at additional support for Ukraine to be announced in the budget.