Chancellor John Healey Confirms Date Of His First Autumn Budget

The chancellor has confirmed the date of the first Budget under prime minister Andy Burnham.

John Healey announced in a video message online that he will unveil the government’s plans for tax and spending in the biggest fiscal event of the year on Wednesday, October 28.

In a video shared on social media, he said: “This will be a Budget that moves money and power out of Westminster, and into every postcode around Britain.

“It will be built on fiscal discipline. It will meet our fiscal rules. It’ll give businesses and families some of the stability they need to plan for the future.”

Burnham has repeatedly promised to stand by the 2024 Labour manifesto which laid out several key fiscal rules on spending and borrowing, including promises not to increase income tax, VAT or national insurance contributions.

Healey added: “This government is working fast to restore hope and back Britain’s communities.

“In the past two weeks, we have begun to kickstart growth in every postcode.

“We have backed British jobs, British skills and British businesses.

“And we have provided just a bit of breathing-space for those families and businesses that feel so squeezed, that feel without hope.”

Healey used to work as Keir Starmer’s defence secretary but quit over concerns the government would not meet its defence spending targets.

By moving Healey into the Treasury, Burnham signalled that he is conscious of the funding gaps within the defence budget.

However, the new prime minister and his cabinet are yet to confirm they will be able to stick to the plan to hike defence spending to 3% of GDP (gross domestic product) by 2030.

The pressure is also on Healey to plug the £4.7 billion black hole Starmer left in the Defence Investment Plan (DIP), and to fund Burnham’s policy-blitz from the last two months.

The Times estimates that the new PM has so far made £1.8 billion of spending commitments in his cost of living drive.

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