£100 off bills costs £2.6bn. Who pays? | Healey's Budget, the OBR and long gilts
The morning after John Healey's first Budget, Marcus Ashworth and Michael Brown join Damian Pudner, Director of the Great British Think Tank, to go through what it did and what it left for later. The OBR puts the Chancellor's buffer at £15bn and gives him a 56% chance of meeting his fiscal rules, with real-terms spending cuts pencilled in from 2028. The bank surcharge doubles to 6% for 15 months while £100 goes off energy bills for households in council tax bands A to D, at a cost of £2.6bn. And the gilt remit has all but stopped selling long-dated debt, which the panel says explains the calm…
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