Healey sets budget for late October, promising to ‘spread money and power’ around UK

Chancellor will have to find money for Burnham’s policies while sticking to fiscal rules as borrowing costs rise Andy Burnham’s government has set a date for a late October budget to “spread money and power” out of Westminster as the new prime minister pushes forward his tax and spending plans. Announcing an autumn budget for 28 October, the chancellor, John Healey, said Labour would stick to its fiscal rules with its agenda to give businesses and households stability for the future. Burnham has used his first two weeks in power to make a blitz of policy announcements, including a VAT cut on energy bills, slashing business rates for pubs, clubs and live music venues, capping bus fares and promising to give England’s regional mayors a share of income tax. Pushing to turn around Labour’s faltering performance in opinion polls under Keir Starmer, the prime minister will however need to spell out how his change in direction is funded in a tricky autumn budget. The UK government has faced a sharp rise in borrowing costs on global financial markets in recent weeks as the economic fallout from the Iran war hits activity, stokes inflation and adds to the financial pressures for