Stories

Wed, 28 Oct 2026

Wed, 28 Oct 2026 Healey unveils £100 for energy bills and bank tax in first Budget

The chancellor targets the cost of living amid global economic turmoil but opposition parties say he has not been bold enough.

* Wales will match this payment and Scotland plans to replicate it
* Gas standing charges in England, Scotland and Wales will be scrapped by 2027
* Fixed daily gas fees will be shifted onto the price of each unit of energy, affecting heavy users
* £5 temporary cut in fuel duty on petrol and diesel extended until July
* Minimum wage rates increased by 3.9% in April
* Tax on bank profits raised from 3% to 6%, generating revenue for energy payment
* Businesses will be eligible for a higher business rate threshold of £18,000
* Vape shops and adult gaming centres excluded from relief
* Income tax thresholds frozen, with tax on income from savings and property rental increasing to 24%
* Cash ISA allowance reduced from £20,000 to £12,000 (previously announced)
* Office for Budget Responsibility downgraded growth forecast due to lack of significant measures to boost economy
* Chancellor criticized by opposition parties and union leaders for inadequate support for low-income households