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Healey's first Budget offers help for families and firms hit by the global economic storm

82 articles from 14 sources
First reported on Wednesday 28 October 2026 at 08:39 EDT by Evening Standard·Latest article on Sunday 1 November 2026 at 10:59 EST

Summary

Chancellor John Healey's first Budget, on Wednesday 28 October, offered help for families and firms hit by the global economic storm, with higher taxes on banks and gambling firms to help pay for support for high street businesses and household energy bills and new initiatives for first-time buyers, the Evening Standard and The Independent reported, The Guardian reporting a £100 payment to 20m households and BBC News that departments were told to make 1% cuts to fund defence. On 29 October the Institute for Fiscal Studies warned that the Budget paves the way for a 'brutal' spending review next year, The Guardian reported, as Andy Burnham said the 'Budget is bold enough' and Healey warned of more 'hard decisions'. Healey promised a 'reduction' in the welfare bill before the next election and Burnham said the government is working flat out to reduce it, City A.M., BBC News, the Evening Standard and The Independent reported, while The Guardian later reported that Healey had backed away from cutting the cost of welfare this parliament. On 30 October Burnham acknowledged the Budget ambitions were constrained by global turmoil, the Evening Standard and The Independent reported, and admitted the first budget was not as radical as Burnham would have liked, The Guardian reported, and on Sunday 1 November Healey promised the benefits bill 'will come down under Labour', the Evening Standard and The Independent reported, The Independent quoting 'We never set a timetable for savings'.

Latest: Healey promised the benefits bill 'will come down under Labour', the Evening Standard and The Independent reported, the Chancellor insisting a timetable had been set out for changing the welfare system but never for savings, as The Independent quoted 'We never set a timetable for savings' and City A.M. wrote that Healey vowed Labour will reduce the benefits bill after admitting the current system is 'not working'.

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How it unfolded

  1. Sunday 1 November

    Healey promised the benefits bill 'will come down under Labour', the Evening Standard and The Independent reported, the Chancellor insisting a timetable had been set out for changing the welfare system but never for savings, as The Independent quoted 'We never set a timetable for savings' and City A.M. wrote that Healey vowed Labour will reduce the benefits bill after admitting the current system is 'not working'.

  2. Friday 30 October

    Andy Burnham acknowledged the Budget ambitions were constrained by global turmoil, the Evening Standard and The Independent reported, The Guardian reporting that Burnham admitted the first budget as prime minister was not as radical as Burnham would have liked, while the Financial Times reported that the government was accused of a 'stealth' £1.5bn rise in business rates, the Chancellor having touted in the Budget an extension of relief that took 70,000 small shops, restaurants, cafés and gyms out of paying the tax.

  3. Thursday 29 October

    The Institute for Fiscal Studies warned that the Budget paves the way for a 'brutal' spending review next year, The Guardian reported, as Healey promised a 'reduction' in the welfare bill before the next election and Andy Burnham said the government is working flat out to reduce it, City A.M., BBC News, the Evening Standard and The Independent reported, while The Guardian reported in the evening that Healey had backed away from cutting the cost of welfare this parliament.

  4. Wednesday 28 October

    Chancellor John Healey's first Budget offered help for families and firms hit by the global economic storm, banks and gambling firms being hit with higher taxes to help pay for support for high street businesses and household energy bills, the Evening Standard and The Independent reported, the Financial Times reporting that Healey hit banks and savers with tax rises in a Budget 'for working people', The Guardian headlining a £100 payment to households and BBC News reporting that opposition parties say the Chancellor has not been bold enough.

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