John Healey vows to give ‘breathing space’ to consumers and businesses in first budget

Chancellor John Healey, attending IMF annual meetings in Bangkok, intends to provide breathing space for businesses and consumers in his first budget. While adhering to Labour's fiscal rules, Healey is poised to increase taxes on banks to offset public finance damage caused by the Iran war. The IMF has praised the UK's progress towards balancing books, advising the chancellor to stay the course as he addresses rising living costs and fiscal stability on 28 October.