Politics · 5 September 2026
Healey's £24bn welfare cut to fund Labour's tax pledge
Chris McAndrew via Wikimedia Commons (CC-BY-3.0)
The Treasury boss blames the Middle East conflict for slowing economic growth and pushing global borrowing rates to an 18-year high. Speaking to the Financial Times, he promised to honour Labour's election pledge by leaving income tax, VAT and national insurance alone. He intends to shrink the welfare bill instead, hoping to preserve a £24bn financial safety net left by the previous chancellor.
Reported by The Guardian · How we write briefs