John Healey will deliver his first Budget as chancellor on Wednesday at 12:30pm. He has served 101 days in the role.
£12 billion: Resolution Foundation's estimate of remaining fiscal headroom, down from £24 billion. 3% to 8%: possible rise in the bank profits surcharge. £4.7 billion gap in the defence investment plan Healey has pledged to fill. 3.9% expected rise would lift the national living wage to £13.20. Why it matters: Healey says he will keep the fiscal rules set by predecessor Rachel Reeves. That leaves limited room for giveaways as borrowing rises.
Frozen income tax thresholds will keep pulling more earners into higher bands. A new allowance would keep low-income pensioners out of income tax.
The story so far 15 steps · since Oct 13 Oct 13 1 smaller step Oct 15 Bank Shares Fall on Expected Budget Tax Rise 6 sources Oct 19 1 smaller step Oct 196:09 AM UK Inflation Rises to 3.5% on Higher Fuel Costs 11 sources Oct 19–20 3 smaller steps Oct 207:39 AM UK Borrowing Tops Forecasts Ahead of Budget 8 sources Oct 21–23 2 smaller steps Oct 262:03 AM Healey Set to Target Banks in Today's Budget You are here Oct 26 3 smaller steps Oct 28 Healey Confirms Gas Standing Charges to Be Scrapped 3 sources Latest
How 5 sources split on this story Bias Ownership
Strong Left Left Lean Left Center Lean Right Right Strong Right
Political Bias
Coverage by lean % of 5 sources
40% 20% 40%
5 sources · 33 articles · 40% Left coverage
Where they split: Coverage differs on whether the Budget is a cautious relief package or a set of tax rises driven by tight finances.
Left coverage, 2 sources: The left sees a Budget in which tax changes are near certain, with tax specialists debating where rises should land.
Right coverage, 2 sources: The right sees a cautious Budget offering households some relief, funded by taxes on banks and online retailers, while stealth tax rises continue.
What’s next: The OBR will release updated forecasts alongside the speech. Higher inflation projections would signal more fiscal drag.
Welfare measures from Healey and Prime Minister Andy Burnham are expected next year. Any state pension triple lock change has been tied to 2030. How much will the bank surcharge and online retailer measures actually raise? Will Healey scale back Labour's pledge to equalise minimum wage rates for under-21s? Will Healey make any changes to capital gains or inheritance tax? 
