Healey prepares Budget with bank taxes and household support in focus

John Healey is due to deliver his first Budget on Wednesday, 28 October, with higher bank taxes and additional household support among the measures reported under consideration. The previews describe pressure to fund spending commitments as borrowing costs reduce fiscal room, but many proposals remain unconfirmed.

• Healey is expected to deliver the Budget in the House of Commons at approximately 12.30pm on Wednesday, 28 October, after Prime Minister’s Questions.· 2 sources
• KPMG analysis suggests higher borrowing costs could reduce the government’s fiscal headroom from £23.6bn to about £12bn. This is the buffer against its own borrowing rules.· 1 source
• Reported bank-tax options include raising the corporation-tax surcharge from 3% to 8% or increasing the bank levy. The centre coverage estimates that reversing the surcharge cut would raise about £2bn.· 1 source
• Additional energy-bill support could include increasing the £150 Warm Home Discount by £100. Reports also suggest a higher personal allowance for low-income pensioners, although the mechanism remains unclear.· 2 sources
• The Mirror reports a planned £1bn council-housing investment that could deliver up to 10,000 homes. It also reports a further £432m for tackling rough sleeping, bringing total funding to £874m.· 1 source
• A capital gains tax increase appears unlikely across the previews, while a delay to scheduled fuel-duty increases remains a possibility. Reports also suggest that extending the existing high-value property surcharge to homes above £1.5m may not proceed.· 2 sources