Watch live: Budget 2026 announcement as John Healey addresses House of Commons

Watch live as John Healey is set to deliver his first Budget on Wednesday, 28 October, in the House of Commons.

The chancellor is expected to unveil a series of cost of living measures, including scrapping standing charges on gas bills.

The charges, which cover the cost of delivery to homes and businesses, will be scrapped from 2027 “or as soon as possible after”, the Treasury said on Wednesday morning.

Fixed costs will be paid on the unit rate instead. The Treasury said the move could save 60 per cent of households an average of £45 on their annual bills.

Mr Healey said he will use his first autumn statement as chancellor to cut energy bills “for good,” and signalled he will look into removing the fixed daily fees on electricity as well.

It comes after the chancellor announced he will add 2p to the price of a pint after unveiling cuts to the cost of supermarket staples including baked beans, gherkins and chocolate.

He also announced the removal of import tariffs on over 100 products, as Andy Burnham pledges to deliver “breathing space” for families and businesses in the first Budget under his leadership.

Follow The Independent’s live blog for updates here.

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