28/10/2026
A quick Budget round-up...
Key Announcements & Measures
Energy & Bills:
ÂŁ100 Payment: Direct ÂŁ100 winter energy support payment for roughly 20 million households in council tax bands A to D.
Standing Charges: Scrapping gas bill standing charges (saving roughly ÂŁ45 on average) and extending the VAT cut on electricity bills through July.
Green Levies: Moving the hydrogen project levy off household energy bills and onto general taxation.
Taxes & Business:
Bank Surcharge: Increasing the profit surcharge on banks from 3% to 6% for a 15-month period starting in January.
Business Rates:
Raising the Small Business Rate Relief threshold in England from ÂŁ12,000 to ÂŁ18,000 for retail, hospitality, and leisure.
Gaming & Tourism:
Increasing Machine Games Duty from 20% to 25% on higher-stakes machines, and allowing mayors (such as in London) to introduce an overnight visitor levy from 2028.
ISAs:
Abandoning the previous plan to cut the tax-free cash ISA allowance from ÂŁ20,000 to ÂŁ12,000.
Food Tariffs:
Removing import tariffs from over 100 food items (including items like baked beans and gherkins).
Welfare, Pensions & Wages:
Minimum Wage:
Statutory minimum wage set to rise by 3.9%.
Carer’s Allowance:
Tapering Carer's Allowance rather than cutting it completely if earners go past the ÂŁ204/week threshold.
Triple Lock Reform:
Modifying the state pension triple lock from 2030 so it tracks inflation and 2.5%, excluding average earnings growth.
Growth & Public Finances (OBR Forecasts):
GDP Growth:
Forecast at 1.2% for 2026, dropping to 1.0% in 2027, before recovering to 1.6% in 2028.
Borrowing & Debt:
Public borrowing is projected to fall to 4.2% of GDP this year and reach 2.9% by 2028–29, with the current budget deficit aimed to be eliminated within three years.
Fiscal Headroom:
Projected at £15 billion in 2029–30, rising to £22 billion in 2030–31
My evaluation:
Disappointing for most !