bbc_business

Healey announces his first Budget will be on 28 October

📰 source: bbc_business · 💼 business

chancellor john healey announced his first budget will be on wednesday 28 october. in a video message he said it will move money and power out of westminster and into every postcode, built on fiscal discipline and meeting fiscal rules to give businesses and families stability.

prime minister andy burnham said the government will stick to labour's fiscal rules and manifesto pledges not to raise income tax, vat or national insurance. economists say the margin for error is small, with extra defence spending and social care straining public finances. burnham also scrapped vat on domestic electricity bills and will give mayors in england a share of income tax revenue for the first time.

healey inherits a £22bn buffer from rachel reeves, but persistent inflation from the iran war may have eroded it.

why it matters: uk budget date and fiscal rules set the tone for spending, while iran war inflation threatens the £22bn buffer.

source: bbc_business
sentiment: +0.20 · impact: 0.50

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Surprise fall in US jobs last month as slow summer continues

Homes are selling below asking in 38 of the 50 biggest U.S. cities—if you can afford one

China is gaining ground in AI. But the U.S. still has a major advantage

US strikes $1.2bn deal to pay German firm to halt offshore wind projects