Budget 2026: key points at a glance

John Healey is announcing his financial update – here are the main points, with political analysis

Healey’s opening remarks

John Healey starts by saying that his budget is “delivered at a time when global uncertainties and pressures are swirling worldwide and hitting people here at home”.

He says the administration will have a new approach to steer us through global economic storms and give people fresh hope for Britain’s future.

He says it is an honour to deliver a budget as chancellor, before paying tribute to Rachel Reeves’s fiscal discipline. She took the difficult decisions required, he says.

Trade tensions are acting as a drag on global economic growth, as is the war in Iran, he says.