John Healey delivered his first Budget
Chancellor of the Exchequer John Healey delivered his first Budget on Wednesday, announcing a one-off £100 payment for 20 million households struggling with higher energy costs, funded by doubling the additional corporate tax rate to 6%. He forecast 1.2% economic growth in 2026, slowing in 2027.
More context
As Chancellor John Healey delivered his first Budget on Wednesday, he announced a one-off £100 payment for 20 million households facing higher energy bills. He said the additional corporate tax rate would double to 6% to fund the subsidy. Healey described it as a “budget for the working people of Britain” and said global trade tensions were weighing on growth, alongside conflicts in the Gulf and Ukraine. He forecast GDP growth of 1.2% in 2026, compared with a previous government estimate of 1.1%, before growth slows in 2027. The Budget confirmed funding for the Defence Investment Plan and set out how the government would address a £4.7bn funding gap left by Healey’s predecessor. It also welcomed a commitment to defence spending of 3% of GDP by 2030.
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Verifier’s note
Euronews and The National report that John Healey presented the UK budget on 28 October, and The Manufacturer’s report likewise identifies it as Healey’s first Budget. These reports support the proposed event and are within about 24 hours of it.