Five key takeaways from the UK Autumn Budget

UK Chancellor John Healey presented the first budget of Andy Burnham’s government, three months after Burnham became prime minister, promising households some “breathing space” after years of economic stagnation. Amid surging global energy prices linked to the US-Israel war on Iran and Tehran’s closure of the Strait of Hormuz, 20 million eligible households will receive a one-off £100 payment towards energy bills. A temporary VAT cut will be extended until July 1, reducing the annual energy price cap by £50. Economist James Meadway said the measures would not seriously address the cost-of-living crisis.