Brief
Chancellor John Healey to Deliver 2026 Budget at 12:30 pm on Wednesday
Healey’s first budget will be presented at 12:30 pm after Prime Minister’s Questions, with plans for tax changes, a mansion tax and expanded energy discounts.
By Felo News Desk · Published
Chancellor John Healey is set to deliver his first Autumn Budget on Wednesday at approximately 12:30 pm in the House of Commons, the Independent reports.
What happened
The budget speech will follow Prime Minister Andy Burnham’s weekly Prime Minister’s Questions, where he is expected to finish his exchange with Kemi Badenoch before Healey takes the Commons floor. The chancellor faces pressure to raise taxes or find billions of savings to fund increased military spending and to meet the prime minister’s pledges.
What the reports add
The Independent notes that borrowing rose to £24.5 billion last month, tightening fiscal headroom. It also says the budget will include a "mansion tax" on homes over £2 million, an increase to bank taxes, and a crackdown on online retailers such as Amazon, eBay and Temu to collect VAT. A potential expansion of the Warm Home Discount – adding £100 to the existing £150 rebate – could cost over £1 billion.
What was said
Healey told the Independent he is “conscious” that businesses are suffering under the cost‑of‑living crisis and wants to cut “the cost of business”. He also said he is seeking to rebuild the relationship between Labour and business.
How it came about
Healey’s budget follows earlier Felo News coverage of his autumn budget plans, including the scheduled 28 October presentation (Felo) and his warning that the budget will be "tough" after an IMF meeting in Bangkok (Felo). The current fiscal constraints stem from higher borrowing costs linked to the Iran war and weaker growth.
Key facts
- John Healey will deliver the UK Autumn Budget at about 12:30 pm on Wednesday. (independent.co.uk)
- Government borrowing rose to £24.5 billion last month, limiting fiscal space. (independent.co.uk)
- The budget is expected to include a mansion tax on homes over £2 million and a possible increase to bank taxes. (independent.co.uk)
- Healey aims to expand the Warm Home Discount by adding £100 to the existing £150 rebate, costing over £1 billion. (independent.co.uk)
- A tax crackdown on online retailers such as Amazon, eBay and Temu is being prepared. (independent.co.uk)
