Chancellor targets cost of living crisis in budget for a ‘difficult moment’
Summary
UK Chancellor John Healey is due to present his first budget on Wednesday amid global market turmoil and rising living costs. He is expected to offer limited, targeted help for households while delaying major tax and spending decisions, and to outline longer-term energy and regional devolution plans.Key Facts
- Healey said conflicts abroad are pushing up energy prices and adding pressure on families, businesses and public finances.
- The government plans to keep to its self-imposed fiscal rules, limiting the scope for large spending measures.
- The budget is expected to include temporary support for poorer families ahead of a forecast rise in typical energy bills in January.
- Healey is expected to cancel a planned fuel-duty increase and change the carers’ allowance earnings rules.
- The government is expected to announce energy-market reforms intended to reduce household bills over time.
- The budget is expected to provide an initial investment in defence industries, while a timetable for reaching defence spending of 3% of national income by 2030 may wait until next year’s spending review.
- The budget is expected to set out a roadmap for giving local leaders more control over tax revenues.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
