Chancellor John Healey to deliver first Budget addressing cost of living
Chancellor John Healey will deliver his first Budget on Wednesday, 28 October, in the House of Commons, reports BritPanorama.
In this highly anticipated announcement, he is expected to unveil a series of cost of living measures, including the proposed abolition of standing charges on gas bills.
The Treasury indicated that these charges, which cover the cost of gas delivery to homes and businesses, will be scrapped from 2027 “or as soon as possible after.”
Under this new plan, fixed costs will instead be paid based on the unit rate. The Treasury estimates that the change could save approximately 60 per cent of households an average of £45 annually on their energy bills.
Healey has stated that he aims to cut energy bills “for good” during his first autumn statement and hinted at the possibility of examining the removal of fixed daily fees on electricity as well.
This follows the chancellor’s announcement of an increase of 2p to the price of a pint and recent cuts to the costs of essential supermarket items, including baked beans, gherkins, and chocolate.
Furthermore, he proposed the removal of import tariffs on over 100 products as part of a broader strategy to provide “breathing space” for families and businesses during his inaugural Budget.
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