Economy · London, United Kingdom · October 28, 2026

UK budget: £100 energy payment, bank tax rise, more defense

Reported by 6 outlets · first reported Oct 28, 11:39 AM ET

Chancellor John Healey gave 20 million households a £100 energy payment. He raised taxes on banks and landlords. Departments must make 1% cuts to fund defense. The OBR, the budget watchdog, said living standards will rise just 1% over the decade.

Why it matters

Energy costs from the Iran war are squeezing UK households and limiting government options.

Background

Healey is the new chancellor under Prime Minister Andy Burnham. This is his first budget.

The story so far

1. Oct 21UK inflation rises to 3.5% on higher fuel prices
2. Oct 25UK budget to add £1 billion for social and affordable housing
3. Oct 26UK Budget due Oct. 28
4. Oct 27UK Budget: minimum wage rise, no extra for 18-20s
5. Oct 28UK budget: £100 energy payment, bank tax rise, more defense
6. Oct 29UK Budget freezes tax thresholds

Follow the whole story →

Sources

• The Guardian ↗Oct 28, 4:09 PM ET
• BBC Business ↗Oct 28, 2:45 PM ET
• CNBC ↗Oct 28, 11:39 AM ET

This summary was written automatically from the reporting linked above; follow the sources for the full story. How One Turn works.

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