Chancellor Healey to deliver first Budget on Wednesday

Summarised from 2 outlets · Updated 26 Oct, 11:19 · Archive

Chancellor John Healey will announce his first Budget on Wednesday at approximately 12.30pm, outlining government plans for taxation and spending.

Chancellor John Healey will deliver his first Budget on Wednesday at approximately 12.30pm in the House of Commons, immediately after Prime Minister's Questions. The Budget will set out the government's plans for taxation, public spending and the wider economy.

Healey faces significant pressure to raise taxes or find substantial savings to help fund increased military spending whilst delivering on the prime minister's pledges from his first weeks in office. Government borrowing rose by more than expected to £24.5 billion last month, underscoring constraints in the public finances. Soaring borrowing costs and weaker growth have reduced the government's fiscal headroom.

The Evening Standard reports that possible measures under consideration include tax changes, help for first-time buyers and a shake-up of the state pension. Healey has promised a Budget that will 'move money and power out of Westminster and into every postcode around Britain' and stressed the importance of 'fiscal discipline'. He has been clear the Budget will look at cutting 'the cost of business' and will back entrepreneurs. Prime Minister Burnham has refused to rule out tax rises, leaving the door open to potential changes.

How it is being reported

• When is the Budget 2026? Chancellor set to reveal major tax and spending changesHere’s everything we know ahead of the Chancellor John Healey’s big speechEvening Standard · 26 Oct, 11:00
• What time does the Budget 2026 announcement start?The Budget is one of the biggest events in the UK's political and economic calendar, when the chancellor sets out the government's plans for taxation, public spending and the wider economyThe Independent · 26 Oct, 06:00

In this story: John Healey · Andy Burnham · Kemi Badenoch · House of Commons · Britain

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem