Chancellor John Healey delivered his first Budget to the House of Commons on 28 October 2026, beginning just after 12.30pm following Prime Minister's Questions. The speech, delivered under Andy Burnham's Labour Government, introduced what were described as "radical" new powers for Lord Sadiq Khan and other city mayors.
New Powers for City Mayors
The Budget announced that revenue from business rates and income tax could be spent locally on infrastructure. This marks a significant shift in fiscal control, allowing city mayors to direct funds towards regional projects.
Details of the Speech
The full video of the Chancellor's address is available to watch as it happened. This was Healey's first Budget since taking on the role, setting out the government's financial plans for the coming year.
The announcement is expected to have a substantial impact on regional development, with mayors gaining more autonomy over local spending decisions.
