Brief
Chancellor John Healey pledges “hope for the future” ahead of first Budget
Healey’s video stresses resilience, defence spending and a 4% minimum‑wage rise while warning of global shocks.
By Felo News Desk · Published
Chancellor John Healey released an eve‑of‑Budget video on Thursday, promising “breathing space for today and fresh hope for the future” as he prepares to deliver his first autumn Budget to the Commons on 28 October, according to the Independent.
What happened
In the video, Healey highlighted rising energy costs, global conflicts and inflationary pressures, while noting that Britain’s economy has shown “real signs of resilience” with rising investment and productivity. He said the Budget will aim to give households relief from everyday costs, target support for businesses and the self‑employed, and begin long‑term action to lower energy prices.
What the reports add
The Independent notes that the City is uneasy about a planned raid on bank profits to fund the Budget’s spending, fearing banks could shift headquarters from London to European rivals such as Hamburg and Paris. Healey also faces pressure to fund public‑sector pay rises and to freeze fuel duty again. An interview with ITV’s Wes Streeting, the defence secretary, confirmed extra defence funding to meet a 3 % of GDP target by 2030.
What was said
Healey said: “The world’s a highly uncertain place. Conflicts abroad are pushing up energy prices, and the cost of living here at home – piling pressure on families, businesses, and our public finances.” He added: “We can’t stop these shocks that hit Britain, but we can make Britain more resilient when they do.” He also promised a 4 % rise in the minimum wage and pledged to back British businesses, invest in growth‑driving technologies and build more homes.
How it came about
The Budget follows weeks of debate over tax policy, including Healey’s consideration of restoring a bank‑profit surcharge to 8 % (Felo coverage) and calls from Kemi Badenoch to cut welfare spending to meet defence targets (Felo coverage). The Institute for Fiscal Studies warned that Healey must raise taxes or cut £35 bn in benefits to close a fiscal gap (Felo coverage). Investors have been watching closely, with the FTSE 100 up 0.7% ahead of the statement (Felo coverage).
Key facts
- John Healey released an eve‑of‑Budget video promising "breathing space" and "hope for the future". (independent.co.uk)
- Healey plans to raise the minimum wage by 4% and freeze fuel duty again. (independent.co.uk)
- The Budget will be delivered on 28 October 2026 in the Commons. (independent.co.uk)
- City concerns exist over a proposed raid on bank profits to fund the Budget. (independent.co.uk)
- Defence secretary Wes Streeting confirmed extra defence funding to meet a 3% of GDP target by 2030. (independent.co.uk)
Sources
- [1] independent.co.uk — originally reported as “Healey seeks to reassure nervous voters and the City ahead of his first Budget”
