Stories

Sat, 01 Aug 2026

Sat, 01 Aug 2026 Budget to be held in October, Healey announces

The new chancellor pledged to move money and power out of Westminster, and into every postcode around Britain.

* The budget will focus on fiscal discipline and meeting Labour's fiscal rules, which include balancing day-to-day spending with tax revenues by the end of the decade.
* The government is committed to staying "well within the fiscal rules" inherited from Sir Keir Starmer and Rachel Reeves, despite implementing new cost-of-living policies.
* Healey has said that his budget will give businesses and families stability, but senior Treasury sources have confirmed that he may need to make tough spending choices or raise taxes to meet Labour's policy priorities.
* The government is also expected to announce plans for devolution, with regional mayors set to receive a share of income tax revenue.
* Shadow Chancellor Sir Mel Stride has criticized the announcement, saying it means 89 more days of unfunded spending commitments and damaging tax speculation.