The Aporia
The Aporia
Wise, A. (2026, October 28). Bank taxes to rise by less than some feared to help fund ‘breathing space’. Evening Standard. https://www.standard.co.uk/business/business-news/john-healey-budget-banks-hmrc-tax-b1302652.html
Wise, Anna. “Bank taxes to rise by less than some feared to help fund ‘breathing space’.” Evening Standard, 28 Oct. 2026, https://www.standard.co.uk/business/business-news/john-healey-budget-banks-hmrc-tax-b1302652.html.
Wise, Anna. “Bank taxes to rise by less than some feared to help fund ‘breathing space’.” Evening Standard, October 28, 2026. https://www.standard.co.uk/business/business-news/john-healey-budget-banks-hmrc-tax-b1302652.html.
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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.
