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Budget 2026: What tax rises and spending pledges will Chancellor announce?

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Burford, R., Cecil, N., & Howie, M. (2026, October 26). Budget 2026: What tax rises and spending pledges will Chancellor announce? Evening Standard. https://www.standard.co.uk/news/politics/what-taxes-are-going-up-in-the-budget-b1301320.html

Dated from the outlet's own feed. Check the original for its byline.

Evening Standard · collected 2026-10-26 · by Rachael Burford, Nicholas Cecil, Michael Howie

Quick Summary

Chancellor John Healey is preparing his first Budget for Andy Burnham’s Labour Government, with plans to cut business rates for small firms, reduce red tape, double the Warm Homes Discount, and impose new taxes on banks and high-value properties. The Chancellor also aims to raise up to £1 billion by making online marketplaces responsible for collecting VAT from retailers on their platforms. Additionally, speculation includes a mansion tax starting in 2028 and revising the Help to Buy scheme to assist more first-time buyers.
Written by AI on 2026-10-26, from this article's own text only (the story summary below draws on all the coverage).

AI analysis

Story summary

On October 25, 2026, British Chancellor John Healey announced plans for a new budget aimed at boosting local growth and reducing welfare costs under Prime Minister Andy Burnham's government. The budget includes £285 million in immediate funding to support "good growth" in England until a new system takes effect in 2028, allowing some income tax revenue to be directly managed by local areas. Healey also pledged over £1 billion for social and affordable housing across the country, surpassing the £40 billion mark for the government's 10-year homes programme.

Despite these initiatives, criticism emerged as Healey faced challenges in clarifying his plans for reducing welfare spending and addressing high inflation. On November 1, 2026, concerns were raised that over 830,000 low-income households would miss out on the £100 council tax reduction scheme designed to alleviate energy costs, benefiting only those in bands A to D.

Written for “Labour Budget Promises And U-turns” on 2026-11-06, grounded in this article and the 151 other(s) covering the same event.

Story

📰 Labour Budget Promises And U-turns
Politics · 152 article(s) covering the same event. Compare every outlet's account →

Compared with similar articles

This article reads leans left and hedges 22% of its claims. Each row says how that neighbour differs.
Evening Standard
Hedges 1 of 2 claims Outlet record 64/100
Al Jazeera
Hedges 1 of 36 claims Outlet record 60/100
Evening Standard
Hedges 7 of 34 claims Outlet record 64/100
“The articles discuss different periods leading up to and before Chancellor John Healey's Budget announcement, not the exact same specific moment or incident.”
BBC News
Hedges 2 of 26 claims Outlet record 66/100
“Article A discusses specific companies holding back on hiring due to high employment costs, while Article B focuses on speculation about potential tax and spending policies in Chancellor Healey's upcoming Budget speech.”
Daily Mail
⚖️ Leans strongly right further right than this Hedges 5 of 38 claims Outlet record 70/100
“The articles discuss different aspects and timelines related to Chancellor John Healey's policies and the upcoming Budget, but do not describe the exact same specific event.”
Evening Standard
⚖️ Leans left Hedges 1 of 10 claims Outlet record 64/100
“The articles discuss different aspects of Chancellor John Healey's upcoming budget, with Article A focusing on potential tax rises and spending pledges, while Article B focuses specifically on a U-turn regarding Isa allowance cuts.”
Evening Standard
Hedges 1 of 25 claims Outlet record 64/100
“Article A describes speculative reports and rumors before the Budget announcement, while Article B outlines the actual announcements made in the Budget speech.”
BBC News
⚖️ Leans left Hedges 4 of 33 claims Outlet record 66/100
“Article A discusses speculation and preparation for Chancellor John Healey's upcoming Budget speech, while Article B analyzes a specific policy mentioned or not mentioned in the actual delivered Budget speech.”
Evening Standard
⚖️ Leans left Hedges 4 of 30 claims Outlet record 64/100
“The articles cover different aspects of the Budget announcement and do not describe the same specific incident or occurrence.”
The Guardian
⚖️ Leans left Hedges 6 of 41 claims Outlet record 66/100
How this article was measured signals, leaning charts, publisher record, byline, topics and claims

Signals How these are calculated →

Claims extracted
27
sentences that state something as happening or true
Uncertain
22%
6 of 27 hedged ("reportedly", "may", "according to")
Leaning
Leans left
of the writing, not the subject · beta estimate
Publisher signals
64/100
Evening Standard's corrections and hedging, across everything collected from it. Not a measure of accuracy.
Outlets on this story
152
Politics
Same framing elsewhere
1
articles that frame the event the way this one does
Analyzed 2026-10-26 · how these are computed

How this is being covered How these are calculated →

Article leaning vs. publisher reliability
Source leaning vs. consistency

Publisher

Evening Standard · 8827 article(s) · 74 correction(s) detected
Running correction rate · 74 correction(s)

Who wrote this

Rachael Burford
61 article(s) here · 1 carrying a prediction
🔮 Business rates cut The move would mean thousands of high-street shops, cafes, pubs and other small businesses would no longer have to pay business rates.
🔮 Buses, taxis, private hire vehicles, bicycles, scooters and pedicabs will all be diverted.
🔮 The Mayor suggested he was confident more resources to tackle homelessness and rough sleeping in the capital would be announced.
🔮 The Mayor of London stressed that closer ties to Europe were more vital then ever as Vladimir Putin’s illegal war in Ukraine rages on and Donald Trump appears to have an “unsettling ambivalence” towards security on the continent.
🔮 Council sources said it was the “largest ever” number of job cuts the borough had seen in one go and will hit departments “across the board”.
🔮 Tory London Mayor challenger vows to scrap affordable housing targets and free up space for 300k new homes
🔮 He said he would also set up automated announcements on trains to remind the public not to disturb other passengers with phone calls, music or videos.
🔮 Homes in just one borough - Tower Hamlets - could remain slightly below the threshold, analysis by the Standard reveals.
🔮 A major London Tube station could be forced to close because of its crumbling infrastructure.
🔮 Read More “And I hope the Reform Party will take immediate and firm action against those who’ve been revealed to be making these abhorrent comments.”
Also by Rachael Burford
Nothing else under this byline is closely related to this article, so these are simply their most recent.
All 61 articles by Rachael Burford →
Nicholas Cecil
102 article(s) here · 1 carrying a prediction
🔮 The increases could last for many months, the Bank of England (BoE) believes.
🔮 They also suggested that the political shock in Washington, with the Democrats gaining control of both the Senate and the House of Representatives, could lead to some of Trump’s tariffs being reversed including on the UK.
🔮 Health minister James Frith, on the media round, stressed that the UK Government would continue working with the Trump administration.
🔮 Ms Abbott, the Mother of the House as the longest continuously serving female MP, pointed to the Windrush Lessons Learned Review report. She then added that if Ms Mahmood “had read it, she would realise that she’s in danger of finding herself in the same position as home secretaries who was in office at the time of the Windrush scandal”.
🔮 “So the state of Oregon may have a different system and balloting process than New York State or Florida...”
🔮 “So the state of Oregon may have a different system and balloting process than New York State or Florida...”
🔮 The default timescale for being allowed to settle in the UK will be ten years.
🔮 “Because if you just put a number on it, then we may have a shortage in a certain area, and then you’re saying well we can’t recruit people, it’s got to be linked to whether the economy is..” But he said that overall immigration was” in a much better place than it was”.
🔮 To name a few - the 2016 Brexit referendum, the 2017 general election when Theresa May threw away her Commons majority, more recently the Runcorn and Helsby by-election won by Reform UK by six votes, and the Green victory in Gorton and Denton.
🔮 “There’s so much more we could be doing to bring in opportunities and investment to that area, especially through Stratford International, which - despite its name - has never had an international train stop there.”
Also by Nicholas Cecil
Nothing else under this byline is closely related to this article, so these are simply their most recent.
All 102 articles by Nicholas Cecil →
Michael Howie
95 article(s) here · 1 carrying a prediction
🔮 Rate-setters are widely expected to tighten monetary policy in a bid to tackle rising inflation in the UK economy.
🔮 The well-known man, who denies the claims, sought an injunction to prevent this broadcast and publication because of a risk that he would take his own life, following two previous suicide attempts.
🔮 The challengers are expected to benefit from voter discontent over the cost of living and high energy prices.
🔮 Williams denies the attempted murder of 10 people on the train that had to make an emergency stop in Huntingdon on the evening of Saturday, 1 November last year. The defendant also denies trying to kill four other people in Peterborough and east London.
🔮 London rents set to rise as property taxes hiked in Budget Plans to increase taxes for landlords risk a “steady rise” in rent prices, the UK’s official Budget watchdog has warned.
🔮 Business rates cut The move would mean thousands of high-street shops, cafes, pubs and other small businesses would no longer have to pay business rates.
🔮 Emergency services will have access to the street at all times.
🔮 Successive London administrations have considered ways of reducing traffic and improving the public realm on the street, while London Mayor Sadiq Khan first proposed pedestrianising it as part of his 2016 mayoral programme.
🔮 Under the plans, the state pension could still rise by more than inflation or 2.5% in some years, to keep its value relative to average worker earnings.
🔮 Mumbai will stage the Earthshot Prize next month where the future king will meet Bollywood stars as he learns about India’s hugely popular film industry, play with cricketing royalty and preside over the ceremony awarding £5 million in prize money.
Also by Michael Howie
Nothing else under this byline is closely related to this article, so these are simply their most recent.
All 95 articles by Michael Howie →

Topics

Budget London Standard Times Treasury

Subjects

Healey PERSON · 6× London GPE · 3× Times ORG · 3× Standard ORG · 2× Treasury ORG · 2× Amazon ORG · 1× Andy Burnham’s PERSON · 1× John Healey PERSON · 1× Labour Government ORG · 1× Martin Lewis PERSON · 1×

Narrative

The annual new state pension will be pushed up to around £13,036 next year, a 3.9% rise from April in line with earnings under the triple lock, taking the payment above the £12,570 personal tax allowance. Ministers have repeatedly promised they would prevent people whose only income is the state pension from being hit with income tax and The Times said Mr Healey will do that by announcing a rise in the tax-free allowance for low-income pensioners to £13,036, costing taxpayers £200 million a year by 2030.
framing: mixed · carried by 1 article(s) · first seen 2026-10-26
🔮 Business rates cut The move would mean thousands of high-street shops, cafes, pubs and other small businesses would no longer have to pay business rates.
2026-10-26 · Evening Standard
Budget 2026: What tax rises and spending pledges will Chancellor announce? · mixed framing

Claims (27 extracted, 6 hedged)

Chancellor John Healey is preparing to unveil the first Budget under Andy Burnham’s Labour Government. asserted
Healey → prepare → Government
Here, the Standard looks at the rumours, leaks and speculation ahead of Mr Healey’s big speech. asserted
Standard → look → speech
Business rates cut The move would mean thousands of high-street shops, cafes, pubs and other small businesses would no longer have to pay business rates. asserted
thousands → mean → rates
The figures relate to "rateable value" - the estimated annual rental value of a commercial property. asserted
figures → relate → property
Cutting costs for firms The Chancellor has strongly hinted he wants to cut costs for businesses by slashing red tape. asserted
he → cut → tape
In an interview with the Times he insisted he wants to pitch his budget at “bloody-minded entrepreneurs”. asserted
he → insist → entrepreneurs
But Treasury sources have warned businesses not to expect too many tax cuts and instead new measures will focus on removing bureaucracy, such as abolishing reporting requirements for many smaller firms. asserted
measures → warn → firms
Energy bills and Warm Homes Discount The Warm Homes Discount, which takes £150 off winter energy bills for eligible households, could be doubled for people on benefits at the Budget. uncertain
which → take → Budget
Read More Broadcaster Martin Lewis said minister have “have to put a support mechanism in place” to increase the payments. “We will do what we can in the Budget, both for business and for households, to give people a bit of breathing space. asserted
we → read → space
The Chancellor is preparing to announce that online marketplaces like Amazon and eBay will be made responsible for collecting tax owed by all retailers selling on their platforms, according to The Times. uncertain
marketplaces → prepare → Times
The change would make websites responsible for collecting VAT at source for retailers on their platform who have an annual turnover of more than £90,000, regardless of where they are based. asserted
they → make → 90,000
The move could raise up to £1billion for the Treasury and would fund the business rates cut for high-street shops, the newspaper reports. uncertain
newspaper → raise → shops
There is widespread speculation that the Chancellor will target banks in the Budget. asserted
Chancellor → be → Budget
The move would raise more than £2billion a year. asserted
move → raise → 2billion
Mansion Tax It will see owners of properties valued at over £2m start paying a regular annual charge worth up to £7,500 from April 2028. asserted
owners → see → April
“We are quietly confident it will not be brought down to £1.5 million,” a London Labour source told the Standard. asserted
source → bring → Standard
Rachael Reeves announced an increase to fuel duty of 3p a litre in January and 2p a litre in March. asserted
Reeves → announce → March
Help for first time buyers The Chancellor is reportedly set to make the Government's revived Help to Buy scheme more generous, particularly for those in London. Mr Healey was set to exclude households earning more than £90,000 outside the capital and £110,000 in the city from the Your First Home scheme. uncertain
Healey → set → scheme
It offers first-time buyers a 20% equity loan to help them buy a new-build home, with an initial interest-free payment and a minimum deposit requirement of 2.5%. asserted
them → offer → %
However, the Times reported that Mr Healey was concerned this would exclude many modest earners and has decided to instead set the cap at £110,000 outside London and £140,000 in the capital. asserted
this → report → capital
Tax on pensioners Mr Healey is also expected to set out how he will prevent people relying just on the state pension from paying income tax. asserted
he → expect → tax
The annual new state pension will be pushed up to around £13,036 next year, a 3.9% rise from April in line with earnings under the triple lock, taking the payment above the £12,570 personal tax allowance. Ministers have repeatedly promised they would prevent people whose only income is the state pension from being hit with income tax and The Times said Mr Healey will do that by announcing a rise in the tax-free allowance for low-income pensioners to £13,036, costing taxpayers £200 million a year by 2030. asserted
Healey → push → 2030
The Chancellor is reportedly considering levying income tax on business owners when they hand their company down to their children. uncertain
they → consider → children
Currently inheriting a firm can be structured so it only attracts capital gains tax, which is charged at a lower rate. asserted
which → inherit → rate
But Mr Healey is said to be considering scrapping a loophole that means a family can convert holdings in their business into "redeemable shares", which the firm can buy back using its profits. asserted
firm → say → profits
The current system attracts capital gains tax, charged at 24% for higher-rate payers, compared with 45% for income tax. asserted
system → attract → tax
The move, which would hit entrepreneurs wanting to retire, could generate £300 million a year for the Treasury, the Telegraph reports. uncertain
Telegraph → hit → Treasury
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