Budget 2026: Healey hikes taxes on banks and landlords to fund £100 handouts to 20m households

By: Heather Stewart · Jessica Elgot and Richard Partington

28 October 2026 at 20:09

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

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.

2027 State Budget approved in general terms thanks to PS abstention

Portugal Resident

By: Natasha Donn

28 October 2026 at 20:07

With no last-minute surprises, the proposed State Budget for next year was approved, in general terms, with only the governing parties voting in favor and PS, PAN and JPP abstaining.

The post 2027 State Budget approved in general terms thanks to PS abstention appeared first on Portugal Resident.

Nigel Farage skips budget in Commons over seating ‘altercation’ concerns

The Guardian - World news

By: Rowena Mason Whitehall editor

28 October 2026 at 19:42

Reform UK leader ‘shocked’ by £10bn pledged to Ukraine and doubles down on cutting tax for crypto investors

Budget 2026: key points at a glance

Nigel Farage skipped the chancellor’s first budget because he was worried he would get in a “physical altercation” with another MP in a row over seating arrangements.

The Reform UK leader was not present in the House of Commons but gave a press conference afterwards in which he said he was “shocked” by the £10bn going to support Ukraine and doubled down on his party’s policies on cutting tax for crypto investors.

Budget 2026 calculator: find out if you are better or worse off

The Guardian - World news

By: Guardian Staff

28 October 2026 at 17:10

Use our interactive tool to see how you have been affected by John Healey’s tax and spending announcements

Another Labour Benefits Street Budget

The Daily Sceptic

By: Will Jones

28 October 2026 at 17:00

Labour Chancellor John Healey has hit struggling workers, savers and landlords as he drives the tax burden to a new record high to fund energy bailouts and a mushrooming welfare bill in his Budget today.

The post Another Labour Benefits Street Budget appeared first on The Daily Sceptic.

UK Announces Tax Hikes on Savings and Property Income as Welfare Spending Rises

Breitbart News

By: Kurt Zindulka

28 October 2026 at 16:01

The left-wing Labour Party government will raise fresh taxes on savings and property income as spending on welfare and foreign subsidies will continue to grow, recently installed Chancellor John Healey told the House of Commons on Wednesday.

The post UK Announces Tax Hikes on Savings and Property Income as Welfare Spending Rises appeared first on Breitbart.

‘A pretty grim picture’: outlook for UK living standards slashed despite Healey’s budget

The Guardian - World news

By: Richard Partington Senior economics correspondent

28 October 2026 at 15:40

OBR cautions about Middle East war dragging down growth and triggering a fresh cost of living crisis

British households face a “pretty grim picture” for living standards as the war in the Middle East drags down growth and triggers a fresh cost of living crisis, the government’s independent forecaster has said.

In a report as John Healey announced his first budget, the Office for Budget Responsibility (OBR) issued a sharp downgrade for growth in 2027, household disposable incomes and the public finances despite the measures taken by the chancellor.

Budget 2026: John Healey offers £100 payments to households to help navigate ‘global economic storms’

The Guardian - World news

By: Heather Stewart Economics editor

28 October 2026 at 13:17

Payment to 20m homes part of package to help cut energy bills and ease cost-of-living crisis, paid for by smaller than expected bank windfall tax

John Healey promised to steer Britain through “global economic storms,” as he announced a package of measures to cut consumers’ energy bills, funded by a smaller-than-expected windfall tax on banks.

In his first budget, the chancellor said 20m households in council tax bands A to D would receive a £100 payment – a measure he said would cost £2.6bn.

The Chancellor’s 6p Per Day Supermarket Bill Saving Will Make All the Difference

The Daily Sceptic

By: Alexander McKibbin

28 October 2026 at 13:00

The economy may be going to hell in a handcart, but at least John Healey has cut 6p from the daily supermarket bill. That will make all the difference to beleaguered households, says Alexander McKibbin.

The post The Chancellor’s 6p Per Day Supermarket Bill Saving Will Make All the Difference appeared first on The Daily Sceptic.

Ukraine’s parliament approves 2027 state budget in first reading

The Kyiv Independent

By: Sofiia Shakhova

28 October 2026 at 12:07

With security and defense allocations accounting for around two-thirds of planned expenditure and a projected deficit of nearly Hr 1.7 trillion ($37 billion), the budget highlights the challenge of funding the war while maintaining economic stability and meeting social commitments.

Budget 2026: £100 energy payment for millions and rise in bank tax as watchdog warns on stalling living standards – as it happened

The Guardian - World news

By: Andrew Sparrow and Graeme Wearden

28 October 2026 at 18:24

OBR says that living standards are forecast to rise by just 1% over the whole post-Covid decade

Budget 2026: key points at a glance

Martin Lewis said that, when he met John Healey this morning, the chancellor said that, having removed standing charges from gas bills, he would also like to get rid of them from electricity bills. Lewis said:

The chancellor said he will be talking to Ofgem about how they get rid of the charge on electricity as well, but that is ‘trickier’ apparently and will take longer.

Healey poised to overturn cut to cash Isa allowance in first budget

The Guardian - World news

By: Julia Kollewe and Anna Isaac

28 October 2026 at 09:55

Chancellor’s predecessor Rachel Reeves had planned to reduce allowance from £20,000 to £12,000 a year from April

John Healey is to use his first budget to ditch plans to slash the annual cash Isa allowance, the Guardian understands, preferring a carrot rather than a stick to encourage people to invest more in shares.

City experts welcomed news that the chancellor will overturn a decision by his predecessor, Rachel Reeves, to cut the allowance from £20,000 to £12,000 a year from April to get more money flowing into UK company stocks.

John Healey to end standing charges on gas bills for 23m homes

The Guardian - World news

By: Julia Kollewe

28 October 2026 at 07:32

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

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.

What to expect from John Healey’s first budget: who wins, who pays?

The Guardian - World news

By: Phillip Inman

28 October 2026 at 06:00

Struggling households, new homebuyers and small shops stand to gain, while banks and online marketplaces could face higher levies

You be the chancellor: play our budget game to see if you can balance the books

John Healey will present his first budget on Wednesday, which will set the tone for Andy Burnham’s premiership.

Despite the chancellor’s promises in the summer that the tax and spending event would not be beset by the leaks that preceded those of his predecessor, Rachel Reeves, both official and unofficial sources have indicated much of what Healey is likely to announce. Here’s what to expect:

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