Chancellor John Healey delivered his first Budget, including a £100 energy bill grant and a bank tax. The measure aimed to ease household costs amid rising inflation. Retail bosses criticized the Budget, arguing it failed to address broader economic pressures. They warned of further price hikes for consumers.
Healey introduced a 25% gambling machine duty increase and targeted online VAT loopholes to fund small shop tax breaks. These measures were intended to support local businesses. However, retail leaders called the strategy a “smoke and mirrors” approach. They claimed the Budget did not provide sufficient relief for high street businesses.
The Budget was described as “dull” by financial experts, who noted it aimed to reassure markets about fiscal stability. Investors appeared unfazed by the lack of major announcements. The focus remained on maintaining economic credibility.
This Budget marks a key moment in Healey’s economic strategy. The energy bill support reflects growing concerns over household finances. Yet, the retail sector remains skeptical about the government’s ability to address inflation and business challenges. The outcome of this Budget will be closely watched for its impact on both consumer spending and business confidence.
