Burnham’s government unveils its first UK budget: What to expect

Chancellor John Healey is due to present the first budget of Prime Minister Andy Burnham’s government on October 28, amid high inflation, a cost-of-living crisis and an expected rise in energy bills. UK borrowing surpassed £3 trillion in September, and servicing the debt already costs £100 billion a year. Healey has pledged to meet fiscal rules and fund the government’s defence commitments, including a £298 billion plan announced in June. After Rachel Reeves’s budgets brought major tax and spending increases, Healey’s budget is expected to take a more cautious approach.