'Taxed out and maxed out': Burnham's former adviser warns of a Truss-style crisis ahead of Healey's first Budget

From the Newshound archive · first published 25 October 2026.

Andy Haldane, the former Bank of England chief economist, warns Chancellor John Healey risks delivering a "mañana Budget" that dodges the hard choices Britain faces.

Andy Haldane, the former Bank of England chief economist, fears Chancellor John Healey will deliver a 'mañana Budget' on Wednesday that dodges hard choices. He says Andy Burnham cannot 'vibe-code' his way to growth and must shrink the state and cut taxes. Angela Rayner admitted taxes are 'quite high' but defended them as investment. Healey is expected to lift the bank tax from 3% to as much as 8%.

FSB boss Craig Beaumont says the 2028 tax burden will be the highest since 1948.

Worcester stonemason Tom Adams says: 'Taxation is crippling businesses.'

Haldane warns Burnham: 'Andy's biggest risk is that he loses the dealing room.'

BBC News - WalesWales needs budget boost, says finance minister The IndependentTories and banks believe Healey’s ‘boring Budget’ could signal early election HuffPost UKBlow To Burnham As Former Adviser Warns PM Risks Liz Truss-Style Crisis If He Avoids Tough Choices LBC'Taxes are high because we need to invest in Britain', says Angela Rayner BBC News - BusinessWhat do North East businesses need from the Budget?Daily MailI know that even Labour agrees the tax burden is too high BBC News - BusinessBudget 2026: No more fat to trim for 'squeezed middle'BBC News - BusinessFour ways Labour could raise money in the Budget without hiking income tax ReutersUK budget set to hand English mayors new borrowing powers, growth funding The GuardianHealey’s first budget to include big devolution package to boost growth LBC'Northern Olympics' proposal to get £7m in Healey's budget BBC News - BusinessSmall businesses in West Midlands urge chancellor to ease pressure in Budget

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