Healey's first Budget is a cautious package of 98 small measures that hits savers, landlords and banks with more taxes
John Healey's Budget scraps standing charges on gas bills and extends the VAT holiday on electricity to July, though the gas change will not take effect before 2027.John Healey's Budget hands HMRC sweeping new powers to deduct overdue tax directly from bank accounts without taxpayer agreement.
Chancellor John Healey delivered his first Budget on Wednesday, pitching 98 separate measures — far more than in either of Rachel Reeves' budgets — but nearly all of them small in fiscal terms. He promised a £100 energy payment to households and a £4.7bn 'Your First Home' scheme letting first-time buyers purchase with a 2.5 per cent deposit.
The OBR warned real household disposable incomes in 2030 will be just two per cent above pre-pandemic levels, with unemployment set to hit 5.1 per cent in 2027.
Healey also pledged over £700m in AI funding, including a new £40m National Agentic Security Unit to detect rogue AI systems.
Commentators noted the Budget's caution telegraphs a snap election in 2027, with Dan Hodges writing Healey 'could not have been clearer' about the government's real plan.
