Healey vows to back 'bloody-minded entrepreneurs' at the Budget, but a high street boss says retailers are 'choking on our cornflakes'
Britain's debt interest bill hit £10.9bn in September alone — the highest for that month on record — as John Healey's fiscal headroom looks set to halve to around £12bn.John Healey, whose first Budget falls on 28 October, faces borrowing of £97.8bn in the first half of the year — £6bn above OBR forecasts — and is set to raise taxes on banks.
Chancellor John Healey still defended Rachel Reeves' employer National Insurance hike, even while admitting firms are under 'a lot of pressure'. He is reportedly weighing a rise in the bank profits surcharge from 3% to 8%. Borrowing hit £24.5bn last month and inflation jumped to 3.5%. He will deliver his first Budget on Wednesday 28 October.
Kemi Badenoch warned of a 'red warning light' as UK debt topped £3 trillion.
CBI boss Rain Newton-Smith said more taxes on the City would be an 'own goal'.
Retail chief Helen Dickinson says the industry now pays 20% more in taxes than two years ago.
