Healey budget expected to cut gas standing charges
UK Chancellor John Healey delivers his first budget around twelve thirty Wednesday, the Guardian and BBC report. He is expected to scrap standing charges on household gas bills for millions of homes. Reports also point to a bank tax and rules forcing online marketplaces to collect more VAT.
UK Chancellor John Healey delivers his first budget around twelve thirty Wednesday, the Guardian and BBC report. The speech will set the tone for Prime Minister Andy Burnham's government. The Guardian and BBC stress that many measures are still expected rather than confirmed until Healey speaks.
Healey has said he wants to give households breathing space on living costs. The BBC says standing charges on household gas bills will be removed for about 23 million homes, worth about £108 a year on average, though unit rates may rise and the Treasury sees smaller net savings for many. The Guardian says everyday fixes also include wider parental pay and ending a carer's allowance cliff edge. The Guardian and BBC also report plans to expand the Warm Home Discount and scrap import tariffs on more than 100 food items.
On revenue, the Guardian says a bank levy is expected to be the main tax raiser, with one option reversing a cut in the bank surcharge to raise more than £2 billion a year. It also cites a plan for online marketplaces to collect VAT for large UK sellers as well as overseas ones. The BBC says Healey is expected to keep fuel duty frozen. Mansion tax and capital gains tax rates are not expected to change much, the Guardian said.
What we know: The Guardian and BBC preview Healey's first budget as focused on energy bill relief, with a bank tax and online VAT rules widely expected.
What we don't: Which measures he will actually announce at twelve thirty. Exact bank tax design. Final net savings on gas bills after unit-rate changes.
Where outlets agree The Guardian and BBC preview Healey's first budget around twelve thirty Wednesday with expected gas standing-charge relief and a bank tax.
Where they differ The Guardian casts a bank levy as the main revenue raiser, while the BBC leads with energy bill standing charges and an expected fuel duty freeze.