In his first budget as chancellor, John Healey has pledged to offer ‘breathing space’ to help Britons navigate ‘global economic storms’. There were a record number of measures, including a one-off £100 energy payment to millions and a rise in the levy on bank profits. But the Conservatives have criticised the government for postponing big decisions, including on defence and welfare. Lucy Hough speaks to economics editor Heather Stewart – watch on YouTube
Bills, banks, ‘breathing space’: what was in Burnham’s first budget? - The Latest
In short
In his inaugural budget, Chancellor John Healey promised to provide households with breathing space amid severe global economic storms. The policy package includes an increased levy on bank profits alongside direct relief through a one-off £100 energy payment for millions of Britons. The opposition Conservatives heavily criticised the plan, claiming ministers merely delayed crucial decisions impacting the nation's welfare and defence sectors.
Key points
- The Treasury is targeting financial institution profits to help fund widespread domestic…: The Treasury is targeting financial institution profits to help fund widespread domestic energy relief.
- Economic strategy under the new chancellor focuses heavily on short-term assistance again…: Economic strategy under the new chancellor focuses heavily on short-term assistance against international headwinds.
- Political critics contend the administration is actively postponing vital choices regardi…: Political critics contend the administration is actively postponing vital choices regarding defence and welfare spending.