Tories challenge Chancellor John Healey to rule out tax rises in five-point 'get a grip' Budget test

From the Newshound archive · first published 11 October 2026.

Shadow Chancellor Andrew Griffith has called on John Healey to pledge no new taxes ahead of his first Budget on October 28, laying out five tests he argues Labour must pass. Griffith charged that Labour's previous two budgets have driven taxes toward their highest ever level, leaving families and businesses still counting the cost. City leaders have written separately to Healey cautioning that higher bank levies could drive financial firms out of the UK.

Griffith's five tests include cutting the deficit, slashing welfare, raising defence spending to 3% of GDP by 2030, and boosting youth employment.

Griffith turned Healey's own departure from the role of Defence Secretary against him, pointing out that Healey had declared 3% of GDP on defence is "what Britain must set".

Senior figures from UK Finance and the CBI warn Britain's financial services sector already carries a heavier tax burden than key international competitors.