Healey’s Budget promises cost relief within fiscal rules

Chancellor John Healey says his first Budget will offer households and businesses short-term relief while setting out longer-term action to reduce energy costs, as he seeks to meet fiscal rules amid pressure on public finances. The measures were still unconfirmed before his statement on Wednesday, October 28. In a Treasury video released ahead of the Budget, Healey said the plan would give families breathing space, support businesses and make Britain more resilient to global shocks. He cited rising energy prices and the pressure on household costs, businesses and public finances. He also said the government would stick to its fiscal rules. The Budget is scheduled to be delivered in the House of Commons at about 12:30 p.m., after Prime Minister’s Questions. It is Healey’s first as chancellor and will set out the government’s tax, spending and borrowing plans. The accompanying Office for Budget Responsibility outlook is expected to assess the economy and the government’s fiscal position. The Resolution Foundation estimates that the government’s headroom against its fiscal rules may have fallen to about £12 billion from the Office for Budget Responsibility’s March forecast of...