Chancellor John Healey’s first budget offers a series of smaller measures to ease the cost of living, while keeping a firm eye on the public finances. Richard Harris runs through the key points in our Citrus Bites Budget Special.
The backdrop
Record public debt. Around £14 billion more than planned going on interest. Energy prices pushed up by war. And a manifesto that rules out the big tax rises. That’s the tightrope John Healey walked in his first budget.
His answer is a series of smaller measures to give households and businesses some breathing space, without breaking his fiscal rules.
In this episode, Richard covers:
- The £100 energy payment for 20 million households, and what else is being done on energy bills and fuel
- Tariffs suspended on more than 100 supermarket goods
- The cash ISA U-turn, and why the £20,000 allowance stays
- The minimum wage rise and paternity pay for the self-employed
- How it’s being paid for, from the bank surcharge to an HMRC clampdown
- Business rates relief and new support for entrepreneurs
- First-time buyers, housing and defence
Watch the full episode now
Watch the full episode above for Richard’s take on what it all means for you.
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