Healey presents first Budget with 98 measures, including higher taxes for savers, landlords and banks

Chancellor John Healey presented Budget 2026 to Parliament on Wednesday 28 October, his first Budget as Britain's finance minister, Reuters had reported the day before.

The Budget contains 98 measures, the BBC reported. That is considerably more than usual, and more than either of Rachel Reeves' Budgets when she was Chancellor. The full document, known as the Red Book, runs to 150 pages.

Among the changes, the BBC said, are higher taxes for savers, landlords and banks. Labour had promised not to raise income tax, national insurance or VAT, and the Budget does not change those rates. The BBC described the measures as a series of small changes, with nearly all having a small effect on the Treasury's figures.

Other measures are aimed at households and businesses. The Treasury gave the Budget the title "Breathing space for today, hope for the future", and said it would give families and businesses room from rising costs, with action on energy bills and fuel. The government said the Budget was designed to help people and firms manage higher energy and other commodity costs. The Budget also included action on fuel duty and wages.

For businesses, the Chancellor announced an extra 20% relief for pubs, social clubs and all but the largest live music venues, according to the Treasury's details of the Budget package.

The Office for Budget Responsibility (OBR), which assesses the public finances, said the UK's economic and fiscal position remains very challenging. It also said the outlook for the economy and public finances is uncertain, with significantly better or worse outcomes of broadly equal probability.

The Treasury has published the full Budget document, a collection of supporting papers and a transcript of Mr Healey's speech, all dated 28 October.