Can John Healey make a dent in the cost of living crisis in his first budget?
Much of the Burnham project depends on how the budget is received, as promise of ‘breathing space’ is a two-way street You be the chancellor: play our budget game to see if you can balance the books Every Sunday night, the chancellor, John Healey, slips next door to Andy Burnham’s Downing Street flat where they order a curry and chew over politics on the prime minister’s sofa. A takeaway Indian…
John Healey, the new chancellor, aims to alleviate the cost of living crisis in his first budget, which takes place next week on 28 October. The budget holds great significance for the course of events that follow. Critics refer to the curry night meetings between Healey and Burnham as a way to separate the former from the latter's cautionary nature and foster political discussions.
The performance of the budget will determine whether the government will enter an imminent election or remain in power until May 2028. Rachel Reeves, Healey's predecessor, is expected to play a more prominent role in the budget and thereafter, as Labour strategists acknowledge her past missteps and her contribution to the party's treasury.
The International Monetary Fund praised the UK as the only G7 country with a plan to tackle its budget deficit, and the IMF also revised its growth forecast for 2026. Healey's focus lies on the cost of doing business in small towns and villages in his South Yorkshire constituency, aiming to protect small businesses and give them breathing space.
He employed Reeves's tax and spending plans and hired some of her advisers, including Spencer Thompson. The partnership between Burnham and Healey faces early signs of tension due to their different approaches to economic strategy.
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- Healey’s first Budget calls for restraint cityam.com
