Overview
- Healey said on Thursday that his debut Budget on 28 October will prioritise cutting the cost of doing business and backing ‘bloody‑minded’ entrepreneurs.
- He signalled plans to reduce reporting burdens on small firms and his Treasury has ruled out any rise in capital gains tax, aiming to avoid measures that could deter investment.
- Rising borrowing — reported at £24.5 billion for the last month — has narrowed fiscal headroom and kept targeted measures such as higher bank levies or reversing the bank surcharge under active consideration.
- Healey visited Shell’s St Fergus gas terminal after the government approved the Jackdaw field, and the Energy Secretary said gas should enter the domestic supply chain within weeks, which could ease energy pressures.
- He must weigh business relief and household support against market credibility and union pressure, with employers already facing higher National Insurance bills and London leaders pressing for new borrowing powers to fund transport and housing projects.