Chancellor John Healey has unveiled his first ever Budget, promising to offer more “breathing space” for households and businesses struggling with the cost of living.
From help with energy bills to taxes on banks, here’s a breakdown of the most significant announcements of his statement:
1. VAT Cut For Electricity Bills
Burnham’s government already took VAT off electricity for 29 million households in its first week back in July.
Healey told MPs today he would extend that VAT cut through winter and spring to July, “taking £50 off the annual price cap”.
He added: “For business, our new British Industrial Competitiveness Scheme, will take 25% off electricity bills for 10,000 firms at the heart of British industry.
“It will go live in April, and I confirm that we will make backdated payments for energy costs this year too. “
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