Healey Unveils First Budget With £45 Energy Savings for 3 in 5 Homes
Updated
Updated · bbc.co.uk · Oct 28
Healey Unveils First Budget With £45 Energy Savings for 3 in 5 Homes
3 articles · Updated · bbc.co.uk · Oct 28
Summary
John Healey is due to deliver Labour’s first Budget at about 12:30 Wednesday, setting out tax and spending plans aimed at giving households “breathing space” through the cost-of-living squeeze.
£45 a year is the Treasury’s estimated average saving for three-fifths of households from scrapping gas standing charges for 23 million homes, though higher gas unit rates mean heavy users could still pay more.
£276 is the forecast January rise in a typical annual household energy bill, helping explain why the Budget is also expected to freeze fuel duty, keep the 5p cut and remove tariffs on 100 food items.
A 2.5% deposit will anchor the Your First Home scheme for new-build buyers, while the Budget is also expected to raise the minimum wage and shield state-pension-only retirees from income tax as pensions top £13,036.40.
Tax rises have not been ruled out, with banks braced for higher levies as markets await the OBR’s five-year forecasts on whether Labour’s plans can meet its fiscal rules.