Healey sets budget for late October, promising to ‘spread money and power’ around UK
Summary
The UK government, led by Prime Minister Andy Burnham and Chancellor John Healey, will announce a budget on October 28 focused on spreading money and power beyond London. The budget aims to follow strict spending rules while addressing economic challenges like inflation and rising borrowing costs.Key Facts
- The budget date is set for October 28.
- The government plans to distribute money and power away from Westminster to other regions.
- Chancellor John Healey promises to follow Labour’s fiscal rules, balancing spending with income.
- Prime Minister Burnham has introduced policies like cutting VAT on energy bills and lowering business rates for pubs and live venues.
- The UK is facing higher borrowing costs partly due to the economic effects of the Iran war.
- The national debt is at its highest level since the 1960s.
- Burnham has ruled out increasing income tax, National Insurance, or VAT but has not dismissed other tax changes like wealth or property taxes.
- The government plans to fund social care, cost of living support, regional devolution, and increased defense spending within this budget.
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