Factbox: UK finance minister Healey’s options for Oct 28 budget
Reuters factbox lists options reported for John Healey’s first UK budget, including potential mansion tax extension, possible bank windfall tax, energy support, fuel duty expiration, and devolving tax revenues.
LONDON, Oct 7 (Reuters) — British finance minister John Healey is expected to raise taxes in his first budget to rebuild some of his fiscal room for manoeuvre after it was eroded by the global surge in borrowing costs caused by the Iran war. Healey and Prime Minister Andy Burnham have also said they will try to reduce the cost of living for voters. But pressure on the public finances and large tax increases announced by Healey's predecessor Rachel Reeves are likely to limit the scope of the budget on October 28. The following is a summary of some of the measures Healey is reportedly weighing.
98 million) from a current threshold of £2 million, the Times reported on September 18, citing two government sources. The proposed change would more than double the number of homes subject to the levy to about 271000 based on current property values, the report said. Bank tax: Senior executives from some of Britain's biggest banks met Healey on Tuesday, and media reports said they left with no clear sense of whether he planned to increase a windfall tax.
Healey is considering an energy subsidy worth more than £1 billion to support mostly lower-income households, The Guardian reported on October 6, in a smaller programme than those offered by previous governments in recent years. An emergency cut in fuel duty introduced after Russia's full-scale invasion of Ukraine is due to expire in January. No government has raised fuel duty since 2011, and Healey said last month he was conscious of the pressure a rise would put on people. Burnham has pledged to give local authorities more powers to help spur economic growth in regions that have long lagged London and the southeast of England.
7567 pounds William Schomberg; Editing by Andrew Heavens +44 207 542 7778