Healey’s attempt to provide ‘breathing space’ gives rich almost as much as poor, says Resolution Foundation

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John Healey delivered a “scattergun” budget that did little to boost living standards and left Britain facing “a painful second half” of the parliament, a leading economic thinktank has warned.

The Resolution Foundation said on Thursday that measures to ease household gas and electricity costs would still leave energy bills higher this year than during the last energy shock.

From a young chef and a single father to business owners and a pensioner, Guardian readers reveal how John Healey’s measures will affect them

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Louie, 24, a chef living in London, says a lot of people have “written off the idea of even considering getting a property” in their 20s.

Chancellor’s ‘new course’ includes a £100 one-off payment, low-carbon upgrade loans and an end to standing charges

John Healey has unveiled a package of support for households being buffeted by “global economic storms”.

“I’m setting a new course to get energy costs down in line with Europe,” the chancellor said in his maiden budget. In the long term, he hopes that changes in how Britain covers the cost of renewables and grid upgrades will “drive down all aspects of energy bills”.

Campaigners say costly new funds will lead to higher bills, which company denies

A group of creditors to troubled Thames Water are poised to vote on whether to grant an emergency £2.4bn loan to keep the company afloat, as campaigners raise concerns it could add £40 to each household’s bills in interest alone.

A consortium of creditors, called London & Valley Water, will vote on Thursday on whether to increase a funding facility for the debt-laden utility company to £5.4bn to keep it operating to autumn 2027.

Few surprises as chancellor uses low-key speech blaming ‘global economic storms’ for stoking energy prices and cost of living crisis

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• Editorial: Budget’s bold ambitions and welcome first steps

John Healey raised taxes on banks and landlords to fund a £100 winter handout for 20 million families as official forecasts made clear there is no end in sight for the cost of living crisis.

In his first budget, the chancellor blamed “global economic storms” for the grim outlook, as the war in Iran drives up oil and gas prices.

How the Burnham government’s first attempt to ease cost of living pressure pans out for key stakeholders
Budget 2026: key points at a glance

Every budget has its winners and losers, and John Healey’s first as chancellor was no exception. While some gained from tax breaks and rule tweaks, others will either pay more, or had their hopes of reforms dashed. Here are some of those with reason to cheer, or sigh:

On budget day chancellor says he will ask Ofgem to remove ‘unfair and outdated’ fixed daily fee in 2027 or soon after

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John Healey is abolishing standing charges on gas bills for 23m homes in a move he says will end an “unfair and outdated” practice and save two-thirds of households an average of £45 a year.

Ahead of his first budget statement in the Commons later on Wednesday, the chancellor said he would ask Ofgem, the energy regulator for Great Britain, to remove these charges – which are £108 a year for the typical household – next year or as soon as possible after.

Healey hopes to give ‘hope for the future’ but only modest policies are expected with important decisions deferred

John Healey has acknowledged the UK faces a “difficult moment” but insisted he would put the country on a better path as he delivers his first budget on Wednesday against a turbulent global economic backdrop.

But despite the international uncertainty, the chancellor will signal “fresh hope for the future” as he attempts to sound a more optimistic note, by providing households with breathing space from rising cost of living pressures.