Five key takeaways from the UK Autumn Budget
Summary
UK Chancellor John Healey announced the government’s first Autumn Budget under Prime Minister Andy Burnham. The measures include energy-bill support, additional defence funding and a pledge of more economic aid for Ukraine, while the Office for Budget Responsibility forecast no growth in real earnings next year.Key Facts
- The government will make a one-off £100 energy-bill payment to 20 million households in homes valued at £88,000 or less using April 1991 valuations.
- A temporary VAT cut will continue until 1 July and reduce the annual energy price cap by £50.
- The Office for Budget Responsibility expects no growth in real earnings next year and cut its 2027 growth forecast from 1.5 percent to 1 percent.
- The budget funds an additional £15 billion Defence Investment Plan.
- Healey said the government would cover a £4.7 billion defence funding gap by reprioritising spending across other departments.
- The government did not explain how it would meet NATO defence-spending targets of 3.5 percent of GDP by 2035 and 3 percent by 2030; Healey said details would come in next year’s spending review.
- Healey pledged an additional £10 billion in economic aid for Ukraine.
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