John Healey doesn’t blame Brexit for sluggish UK growth
GB News digs into some of the biggest reforms the nation's finances set out today
TL;DR
- Chancellor John Healey attributes UK economic challenges to the Middle East conflict, not Brexit.
- Extended VAT cut on electricity bills, saving households £50 annually until July.
- Announced a £100 energy payment for 20 million households in council tax bands A to D.
- Extended the 5p fuel duty cut to July 2027.
- Increased tax rates on property and savings income by 2 per cent from April 2027.
- Introduced the 'Your First Home' scheme for first-time buyers with a 2.5 per cent deposit.
- National living wage to rise by 3.9 per cent, benefiting 2.3 million workers.
- Announced business rates relief for 70,000 small businesses and other measures for hospitality firms.
- Increased gambling tax from 20 per cent to 25 per cent.
- Plans to fill a £4.7 billion gap in the Defence Investment Plan and aims for 3% of GDP defense spending by 2030.
- Forecasting unemployment to rise to 5.1 per cent in 2027 and welfare bill to reach £431 billion by the decade's end.
- Announced £10 million in alcohol duty relief for small brewers and cider makers.