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

• Budget 2026: key points at a glance

• Briefing: key questions answered by Heather Stewart and Pippa Crerar

• 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.

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

• Healey keeps income tax thresholds frozen. How much more will you pay?

• Budget 2026: key points at a glance

• Budget 2026 live – latest updates

Self-described "progressive capitalist" Rep. Ro Khanna (D-CA) defended taxing California billionaires via Proposition 40 by saying, "You didn't build this money yourself." 

The post Democrat Rep. Ro Khanna Defends ‘Wealth Tax’ on California Billionaires: ‘You Didn’t Build This Money Yourself’ appeared first on Breitbart.