Healey unveils £100 for energy bills and bank tax in first Budget
Summary
UK Chancellor John Healey announced a one-off £100 energy payment for eligible households and raised taxes on large bank profits to help fund support. His first Budget also included changes to energy charges, fuel duty, wages, business rates and taxes on savings and rental income, while leaving major decisions on defence and welfare until next year.Key Facts
- Households in council tax bands A to D in England will receive a one-off £100 energy payment; Wales said it would match the payment, and Scotland planned to replicate it.
- Gas standing charges across Great Britain are due to end in 2027 or as soon as possible afterward, with the costs shifted into per-unit energy prices.
- The temporary 5p-per-litre fuel duty cut will continue until July.
- The minimum wage rates will rise by 3.9% in April, with no change to the difference between rates for older and younger workers.
- The tax on large banks’ profits will rise from 3% to 6% from January through April 2028.
- The income tax thresholds will remain frozen, and the tax rate on savings and property rental income for basic-rate taxpayers will rise to 24% from April 2027.
- The Office for Budget Responsibility lowered its growth forecast for next year to 1%.
- Healey said decisions on defence spending and welfare would be made next year.
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