UK Chancellor John Healey to present first budget amid cost-of-living and defence spending focus
Chancellor John Healey was reported to be set to present his first UK budget, which would target cost-of-living pressures and increase defence spending. Healey said the budget would be tightly guarded as stronger-than-expected growth raised concerns about inflation and borrowing. He later delivered the inaugural budget amid reduced fiscal buffers, higher borrowing costs and pressure from bond investors to limit spending while meeting defence and social commitments.
The chancellor also announced plans to remove standing charges on gas bills and cut household gas costs by up to £50 a year, though overall energy bills would stay high. In outlining the modest budget, he emphasized reducing energy costs, avoiding new taxes and pursuing devolution, while acknowledging fiscal constraints and global pressures.
