UK to hold budget on Oct. 28, chancellor announces

Andy Burnham’s new government will hold its first budget on Oct. 28, U.K. Chancellor John Healey announced today. Healey, who replaced Rachel Reeves in the job last week, will have to balance maintaining fiscal credibility in the bond market and the new government’s desire to expand spending on defense and social care. In a letter to the Treasury Committee, Healey said he had asked the Office for Budget Responsibility to prepare an economic and fiscal forecast for the date. “Fiscal credibility is the bedrock of economic stability and national security,” said the chancellor in the letter. “That is why we will abide by the fiscal rules, ensuring we retain a buffer to protect us against uncertainty and the impact of instability in the Middle East.” Healey also pledged the budget will move “money and power out of Westminster, and into every postcode around Britain.” Burnham announced today that local English mayors will be given powers to retain and spend business rate taxes to boost growth in their regions. The prime minister said mayors will soon have power over income taxes, but Healey will unveil a whitepaper and a “roadmap” on the topic at the autumn budget.