Chancellor John Healey says Budget will cut business costs and back entrepreneurs

Healey promises a budget focused on easing business pressures and restoring ties with the private sector ahead of the Oct. 28 statement.

By Felo News Desk · Published Thu, 22 Oct 2026 10:05:34 GMT

Chancellor John Healey told The Times that his inaugural budget, set for Wednesday 28 October, will target the cost of doing business and champion entrepreneurs he described as “bloody‑minded”.

What happened

In remarks ahead of the upcoming budget, Healey said he is “conscious” of the strain companies face from the cost‑of‑living crisis and recent tax increases, including the rise in employer National Insurance introduced by his predecessor Rachel Reeves. He linked the pressure on firms to changes in employment law, regulation, higher taxes and global supply‑chain disruptions.

What the reports add

Both the Standard and the Independent cite the same interview with The Times, but the Standard adds that the Chancellor referenced “global supply chains coming under pressure due to world events”, hinting at conflicts such as the war in the Middle East. The Independent repeats the quote about “bloody‑mindedness” and adds a statement that Healey wants the budget to recognise both business and household cost pressures.

What was said

Healey told The Times, “I want to be a chancellor who backs business in Britain making a profit, and those entrepreneurs who, in the end, are the ones who challenge the status quo, come up with innovative ideas and are trying, some of them through sheer bloody‑mindedness, to keep going through these sorts of pressures.” (Standard)

He also said firms have been under “a lot of pressure” in recent years because of “changes to employment law, regulation, higher taxes and global supply chains” (Standard). The Independent records him adding, “And so when I talk about the cost of business, and recognising that in the same way as we’re recognising the cost of living pressures, I’m conscious of that as I go into the budget for both businesses and households.” (Independent)

How it came about

Healey’s focus on business costs follows a series of fiscal constraints highlighted in recent Felo coverage. A September 21 report noted that the government’s budget headroom had shrunk to about £12 billion, limiting fiscal flexibility. Earlier in October, the AA called for deeper fuel‑duty cuts, while a 20 October piece reported that Healey had ruled out a capital‑gains‑tax rise and was weighing a restoration of the bank profit surcharge. These developments set the backdrop for his pledge to ease business pressures while navigating limited fiscal space.

For more on the upcoming budget, see Healey’s Autumn Budget announcement on 12 October.

Key facts

John Healey will deliver his first budget on 28 October 2026. (standard.co.uk)
Healey says the budget will aim to cut the cost of doing business. (standard.co.uk)
He described entrepreneurs as "bloody‑minded" and pledged support for them. (independent.co.uk)
Healey noted pressure on firms from higher taxes, including the employer NI rise introduced by Rachel Reeves. (standard.co.uk)
Healey ruled out raising capital gains tax ahead of the budget.

Background

Healey’s budget promises follow earlier reports of shrinking fiscal headroom (<a href="/news/uk-budget-headroom">UK Budget Headroom Shrinks by £12bn Amid Iran War Inflation</a>), calls for deeper fuel‑duty cuts, and his decision to rule out a CGT rise.