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What is the Budget and what could be in it?

Published · 1 min read

Chancellor John Healey will deliver the Labour government's first Budget on October 28, outlining tax and spending plans.

Healey faces the challenge of balancing support for households, defence spending, and sticking to Labour's manifesto commitments, including not increasing income tax, National Insurance, and VAT. The Budget will include measures on the First Home scheme, bank taxes, and support for small businesses, while potentially raising taxes on banks and online retailers. The government aims to reduce bureaucracy and increase spending on social and affordable housing. Economic growth remains resilient, but inflation and energy costs pose challenges.

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