VIDEO
Healey is at the despatch box. Follow along below for live updates. Hit the refresh button frequently…
Removing biodiversity requirements from more brownfield land.
Extending cheaper borrowing for councils to build council housing and making all land sold to social housing providers VAT free.
Healey says the UK will spend 3% of GDP on defence by 2030.
Reduce the welfare bill in a “Labour way.” Gulp…
“Fully funding” the defence investment plan, finding the missing £4.7bn out to 2030, through “capital reprioritisation”
From 2028, a share of income tax receipts will go to mayors
100% of business rates will be retained by end of decade.
More powers to mayors.
OBR’s expected deficit for 2026/7 rises from its previous 3.7% to 4.2%.
New CGT exemption.
New deal for data centres: onsite generation powers.
Self employed fathers eligible for paid parental leave.
Bank surcharge increased by 3% starting in January and ending in April 2028.
New type of ISA being cooked up.
People taking profits out of their companies to be taxed “properly ”.
Cut to the tax-free cash ISA allowance will stay at £20k.
BADR relief dropped from £1 million to £500,000.
Self-assessed income taxpayers get new regime from 2029.
HMRC gets powers to dive into bank accounts.
£10 million alcohol duty relief for 2,000 small British brewers.
Machine games duty hiked from 20% to 25%.
Adult gaming centres and vape shops removed from business rates relief.
£15m for book charities that give books to children.
self employed partners and fathers will get paid parental leave.
New subsidy: Council tax bands A to D get £100 energy payment.
From next year standing charges removed.
British Industrial Competitiveness subsidy going live in April to reduce electricity bills for some businesses.
VAT cut on electricity bills extended to July.
Growth: 1.2% 2026
DOWNGRADED from Spring.
1% growth next year expected by OBR. Never rising above 2% to 2031.
Truss first mentioned.
Headroom against stability rule is £15 billion in 2029/30, so reduced from £23 billion.
£14 billion more on debt interest this year, according to OBR.
Says borrowing costs are rising across the G7.
Healey praises Reeves for producing “fiscal discipline. “
Healey promises Budget for businesses ‘big and small.’
