LONDON, Oct 28 — Britain’s finance minister John Healey will unveil his first budget Wednesday, as he juggles commitments to defence spending and easing household bills with little financial room to manoeuvre.
It could prove to be a tall order for Prime Minister Andy Burnham’s new administration as rising inflation and borrowing costs — largely a consequence of the US-Iran war — increase the government’s debt pile and heap pressure on businesses and individuals.
“We can’t stop these shocks that hit Britain, but we can make Britain more resilient when they do,” Healey said in a statement released on the eve of the Labour government’s budget.
“This budget is about getting through this difficult moment,” he said, adding that it would provide “breathing space” for households and “targeted support” for businesses.
