Budget 2026: Healey hikes taxes on banks and landlords to fund £100 handouts to 20m households

Few surprises as chancellor uses low-key speech blaming ‘global economic storms’ for stoking energy prices and cost of living crisis

John Healey raised taxes on banks and landlords to fund a £100 winter handout for 20 million families as official forecasts made clear there is no end in sight for the cost of living crisis.

In his first budget, the chancellor blamed “global economic storms” for the grim outlook, as the war in Iran drives up oil and gas prices.

But he also faced criticism for failing to squeeze more money from profitable banks, punishing savers and not giving enough help to the poorest.