Chancellor John Healey has said the Budget delivers "breathing space" for households and "hope for the future," as the Labour government marks its first 100 days in office. Writing for The Mirror, Healey highlighted measures including a £100 energy payment for 20 million households this winter.
Support for households and high streets
The package extends the cut to VAT on electricity bills until July and freezes fuel duty until next year. It also scraps standing charges on household gas bills for 23 million homes, which are paid even when no gas is used, and suspends tariffs on over 100 foods to make the weekly food shop cheaper.
For businesses, the government is changing the rules so 70,000 more firms in retail, hospitality and leisure pay no business rates at all. Other businesses in those sectors will have rates frozen in real terms for two years.
Economic outlook and future plans
Healey acknowledged the pressure people face, driven by conflict overseas, but pointed to hope for the future. The government is giving local communities more powers, has fully funded defence plans, and is starting long-term reform of the energy market to produce cheaper power.
The UK's economic growth in the first half of this year was the fastest in the G7, and experts at the IMF have called the government's plans "stand out." Healey said the government will be disciplined with its finances, adding: "In our first 100 days, this Labour government has set a course for fresh hope and good growth in every postcode."
