Budget 2026 RECAP: Chancellor John Healey's spending plans and what they mean for Scotland
Published 28th Oct 2026, 08:48 GMT
Updated 28th Oct 2026, 17:05 GMT
The Chancellor has announced his tax and spending plans in the Commons
John Healey has set out his first Budget as Chancellor with a bid to provide “breathing space” for the public amid a difficult domestic economic situation made worse by the turmoil of the Iran war.
Mr Healey said the UK was being battered by a global economic storm, with the Budget watchdog slashing its forecast for gross domestic product growth next year.
The public finances have also taken a battering, with the cost of borrowing soaring and the UK spending £14 billion more on debt interest this year, the Chancellor said.
He told MPs: “Those are the storms we face. We can’t wish them away. We must choose the course we steer through them.”
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