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Healey is set to lift the pensioner tax-free allowance to £13,036 in Wednesday's Budget, but workplace pensioners will still pay

John Healey, who resigned as Chancellor in June demanding Britain reach 3% of GDP on defence by 2030, now says the timetable will wait for next year's spending review.
John Healey, who resigned as Chancellor in June demanding Britain reach 3% of GDP on defence by 2030, now says the timetable will wait for next year's spending review.
Healey is set to lift the pensioner tax-free allowance to £13,036 in Wednesday's Budget, but workplace pensioners will still pay

Britain's Debt Management Office sold £4.5bn of five-year gilts maturing in 2032 at their highest yield since the 2008 financial crisis, underlining the fiscal squeeze bearing down on Healey as he prepares to deliver his maiden Budget on Wednesday. City analysts at Deutsche Bank and UBS warn his headroom against the borrowing rule has shrunk to around £10bn — well below Rachel Reeves's £23.6bn buffer — partly because of soaring debt-interest payments driven by the Iran war. Five-year fixed mortgage rates have now hit 6% for the first time in three years, with 1.8 million households facing refinancing this year.

A record 738,144 UK firms are in 'significant financial distress' — the highest since BTG's 'red flag' report began in 2004.

Banks face a hike in their surcharge back to 8%, which would claim one in every three pounds of bank profits, to fund measures including capped bus fares and VAT off energy bills.

Healey is also expected to add 2p to the cost of a pint and impose higher business rates, despite pledging to give firms 'breathing space' after two years of Reeves's tax rises.

MoreCity A.M.Pension reform means Brits don’t have to wait for billionaires to give them sharesThe IndependentWhat the Budget will mean for pensioners and income taxDaily MailInheritance tax and pension tax-free cash worry savers ahead of BudgetGB NewsJohn Healey set to shield nearly one million pensioners from income tax in BudgetLBCHSBC quarterly profit surge sparks fresh calls for bank tax hike in BudgetCity A.M.HSBC ‘very encouraged’ by Burnham agenda despite tax threatThe GuardianHSBC says ‘no pressure’ to move HQ out of UK despite prospect of higher bank taxesThe TelegraphHSBC cuts UK growth forecast on eve of BudgetDaily MailBumper HSBC profits spark pre-Budget row over taxLBCHSBC profits surge by a third as cost-cutting exceeds targetProactive financial newsHSBC profit jumps 32% as bank launches $1 billion buyback - Proactive financial newsCity A.M.HSBC set to launch $1bn buyback despite revenue miss
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