Chancellor John Healey to unveil budget measures addressing cost of living
Chancellor John Healey is poised to deliver his first Budget on Wednesday, 28 October, in the House of Commons, reports BritPanorama.
Healey is expected to announce a series of cost of living measures, which include the removal of standing charges on gas bills, effectively eliminating an additional fee that covers delivery costs to homes and businesses. This change is anticipated to take effect from 2027, or “as soon as possible after,” as stated by the Treasury.
The fixed charges will instead be calculated based on the unit rate of energy consumption. According to the Treasury, this shift could result in savings of approximately £45 annually for 60 per cent of households.
During his first autumn statement, Healey is expected to reinforce his commitment to reducing energy bills permanently, hinting at the possibility of abolishing the fixed daily fees for electricity as well. This announcement follows previous measures to address rising consumer costs, including a planned increase of 2p on the price of a pint and cuts to the prices of popular supermarket items such as baked beans and gherkins.
In addition to these measures, Healey plans to eliminate import tariffs on over 100 products, aiming to provide “breathing space” for families and businesses as he navigates challenging economic conditions. The developments coincide with wider reflections on economic policies under the new leadership of Andy Burnham.
As the Budget approaches, observers and constituents alike will be keenly watching how these proposed measures shape the landscape of the UK’s cost of living crisis.
