Chancellor John Healey will deliver his first Budget to a packed House of Commons later today, setting out the Government's tax and spending plans. The statement is expected at about 12.30pm, following Prime Minister's Questions at midday.
Mr Healey has promised to use the Budget to cut energy bills “for good”, as the Government seeks to ease surging costs for households and businesses. He is expected to announce a freeze in fuel duty as well as longer-term reforms, saying his focus would be on making Britain “more resilient” to global shocks in the wake of the Iran war.
What time is the Budget?
The Chancellor will deliver his statement in the House of Commons at about 12.30pm. Budget speeches usually last about an hour. The Leader of the Opposition, Kemi Badenoch, will then deliver her response to John Healey's announcements.
In a video message before the autumn statement, Mr Healey acknowledged the country was facing a “difficult moment” and promised changes would be made “responsibly” within Labour's fiscal rules.
Plans for energy bills and business support
Mr Healey said: “Breathing space for today and fresh hope for the future. That's what today's Budget will deliver.” He added: “The world's a highly uncertain place. Conflicts abroad are pushing up energy prices, and the cost of living here at home is piling pressure on families, on businesses, and on our public finances.”
He also said: “But Britain's economy is showing real signs of resilience: investments up, productivity is growing, and we had the joint fastest growth in the G7 in the first half of this year.” The Budget is designed to give households breathing space from some everyday costs, provide targeted support for businesses and self-employed people, and start long-term action to get energy costs down for good.
Prime Minister Andy Burnham has ordered the Chancellor and Energy Secretary Miatta Fahnbulleh to examine scrapping standing charges from gas bills. According to the Times, the Chancellor will announce plans to scrap green levies from energy bills and put them onto general taxation, as well as committing the Government to delinking gas and electricity prices.
