John Healey warns of tough first budget as Middle East war puts pressure on economy
Chancellor says he wants to ensure country has ‘buffer’ against uncertainty as global bond yields hit 18-year high
TL;DR
- The UK budget on October 28th will be tough due to the Middle East conflict, according to Chancellor John Healey.
- Global instability is increasing inflation, impacting growth, and raising borrowing costs.
- Healey aims to maintain a 'buffer against uncertainty' and adhere to fiscal rules, including not raising taxes on working people.
- The public finances are under pressure from soaring global bond yields, which have reached an 18-year high.
- There is pressure to cut welfare spending and get more people into work.
- Suggestions include reforming the state pension's triple lock and reducing public spending on welfare and overseas aid.