Watch in full: Budget 2026 announcement as John Healey unveils cost of living measures

John Healey delivered his first Budget on Wednesday, 28 October, in the House of Commons, including measures to help tackle the soaring cost of living.

The chancellor has announced that standing charges on gas bills will be scrapped from 2027, with fixed costs to be paid on the unit rate instead. The Treasury said the move could save 60 per cent of households an average of £45 on their annual bills.

Mr Healey used his first autumn statement as chancellor to unveil a £100 payment for millions of households to help with energy bills this winter.

He said around 20 million households in council tax bands A to D will get the payments into their bank accounts, with the support costing £2.6 billion.

The payment comes with a cut to VAT on electricity being extended to July, taking £50 off the annual price cap.

It comes after the chancellor announced he will add 2p to the price of a pint after unveiling cuts to the cost of supermarket staples including baked beans, gherkins and chocolate.

He also announced the removal of import tariffs on over 100 products, as Andy Burnham pledges to deliver “breathing space” for families and businesses in the first Budget under his leadership.

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