Chancellor John Healey delivered his first Budget today, announcing significant cost of living reforms. He scrapped standing charges on gas bills, saving households an average of £108 annually. The measure, expected to benefit millions, was described as a key part of his economic strategy.
He also reversed plans to reduce the tax-free cash ISA allowance from £20,000 to £12,000. The cut, originally set to take effect in 2027, will now be abandoned. This decision was welcomed by financial experts and savers.
The Budget included additional measures aimed at supporting families. Standing charges, which had been a point of criticism, will no longer appear on gas bills from next year. The move was framed as a direct response to public concerns about rising living costs.
This Budget marks a shift in economic policy under the new government. Healey emphasized the need for stability and support for households facing financial pressure. The reforms come amid ongoing debates over public spending and fiscal responsibility.
The changes reflect a broader effort to address economic challenges. By removing standing charges and reversing the ISA limit cut, the government aims to ease financial burdens on citizens. The Budget also highlighted the government’s commitment to balancing economic growth with social welfare.
