Chancellor John Healey has pledged to provide "breathing space" for consumers and businesses in his first budget, due in a fortnight. Speaking to journalists in Bangkok, where he attended the International Monetary Fund (IMF) annual meetings, Mr Healey acknowledged the pressure of rising costs.
The Chancellor stated his intention for the budget to offer relief while also reinforcing the strength of the UK's fiscal plans and economic resilience. He is expected to announce a further energy support package at his 28 October tax and spending statement, ahead of an anticipated increase in the energy price cap in January.
Mr Healey reiterated his commitment to the spending plans established by his predecessor, Rachel Reeves, at last year's spending review. He also hinted at an additional package of support for Ukraine, encompassing military, diplomatic, and economic aid, to be announced in the budget.