Chancellor John Healey has set out a Budget aimed at giving families and businesses relief from rising costs alongside longer-term structural changes, according to HM Treasury. Announced on 28 October 2026, the plan covers energy bills, fuel duty, wages, housing and business rates, and the government says it meets its fiscal rules with a buffer against uncertainty.

On energy, the government plans a £100 Household Energy Payment in 2027 for up to 20 million households in bands A to D in England, with similar support funded elsewhere in the UK. The temporary VAT cut on electricity bills would be extended until 1 July 2027. The government will also ask Ofgem to abolish gas standing charges and move them to unit rates. Fuel duty's 5p cut would be extended for six months, with the planned RPI increase deferred to 1 July 2027. The National Living Wage is set to rise 3.9% to £13.21 per hour on 1 April 2027.

Housing measures include a Your First Home Scheme intended to help 70,000 people onto the property ladder and a further £1.5 billion for social and affordable housing, taking total capital investment over the next 10 years above £40 billion. A new First Time Buyer ISA is planned, and the Lifetime ISA withdrawal charge is reduced to 20% from the announcement date. For business, the Budget includes a two-year real-terms freeze in business rates for retail, hospitality and leisure properties in England and a scheme from April 2027 to cut electricity bills for eligible industrial users by up to 25%.