Healey sets out Labour’s tax and spending plans in autumn Budget

• John Healey promised “a Budget for the working people of Britain” as he set out Labour’s much-anticipated tax and spending plans in his first fiscal statement as Chancellor.
• Labour will keep its manifesto pledge not to raise taxes on “working people”. The Chancellor said the headroom is £15 billion in 2029 to 2030 before it will rise to £22 billion in 2030 to 2031. Healey said the Budget will cut the deficit within three years.
• Healey announced a £100 household energy payment to people in council tax bands A to D to help them deal with soaring bills “through to the spring”.
• The national minimum wage and national living wage will also increase by 3.9 per cent for 2.3 million workers.
• The budget watchdog predicts the government will spend £14 billion more on debt interest this year, Healey said, as he vowed “fiscal discipline” in the face of economic “storms” the UK must weather.

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Budget 2026 live: Chancellor to unveil tax and spending plans after Burnham faces PMQs