Chancellor John Healey unveils first Budget with energy relief and bank tax

Chancellor John Healey has delivered his first Budget, offering a 100 pound energy bill payment to 20 million households, BBC News and the Guardian reported. The measure targets 80 percent of households in England that are in council tax bands A to D. The Guardian reported that the energy relief package will cost 2.6 billion pounds. [1][2][4][6]

The energy giveaway will be funded by a windfall tax on banks that is smaller than expected, according to the Guardian. The Guardian also reported that Healey increased taxes on landlords to help cover the cost of the measures. Healey said the payment was intended to help households navigate global economic storms and ease the cost of living crisis. [2][6][7]

British newspapers reacted cautiously to the announcement, BBC News reported. Both the Financial Times and the Times described the Budget as modest, while a senior government figure told the Financial Times that it was not radical to avoid disturbing the bond markets. The Daily Mail gave a harsher assessment, calling the speech a snoozer. [1]

Despite the planned payments, the Guardian reported that the outlook for living standards in the United Kingdom has been slashed. The Telegraph also noted that the 100 pound relief measure will be swallowed up by rising prices. [2][3][4]