Skip to contentSwipe for next articleIndependent Bulletin homepageDownload our appAllNewsSportCultureLifestyleWant to bookmark your favourite articles and stories to read or reference later? Start your Independent Membership today.Join todayAlready a member? Log inSummer WoolleyWednesday 28 October 2026 13:07 GMTHealey holds up red box ahead of Budget announcementJohn Healey promised “a Budget for the working people of Britain” as he set out Labour’s much-anticipated tax and spending plans in his first fiscal statement as Chancellor.Labour will keep its manifesto pledge not to raise taxes on “working people”. The Chancellor said the headroom is £15 billion in 2029 to 2030 before it will rise to £22 billion in 2030 to 2031. Healey said the Budget will cut the deficit within three years.Healey announced a £100 household energy payment to people in council tax bands A to D to help them deal with soaring bills “through to the spring”.The national minimum wage and national living wage will also increase by 3.9 per cent for 2.3 million workers.The budget watchdog predicts the government will spend £14 billion more on debt interest this year, Healey said, as he vowed “fiscal discipline” in the face of economic “storms” the UK must weather.In fullBudget 2026 live: Chancellor to unveil tax and spending plans after Burnham faces PMQsMore bulletinsThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in