Healey unveils £100 for energy bills and bank tax in first Budget

Healey also used his speech to announce plans to allow regional mayors to keep 20% of business rates and a share of income tax to spend on local priorities.

The aim was to allow mayors to retain 100% of business rates raised in their areas by the end of the decade, he added, in "the most radical act of devolution in a generation".

And he sought to address opposition claims the Labour government is unwilling to cut benefits, insisting that both he and Burnham were committed to bringing down the welfare bill in a "Labour way".

But he said no decisions would be taken until reviews by Alan Milburn, into young people not in work or training, and Stephen Timms, on Personal Independence Payments, had been published, with legislation to…