Healey's upcoming budget may feature tax hikes, business rate relief and new levies

Chancellor John Healey will present the first budget under Andy Burnham’s Labour administration, confronting higher borrowing costs and international cost-of-living strains linked to the US-Iran conflict. Leaked details point to a sweeping business-rates exemption for thousands of small high-street enterprises, financed by a new rule that forces online platforms such as Amazon and eBay to collect VAT from retailers with turnovers above £90,000.

The Treasury could raise up to £1 billion from this measure, which may also support an enlarged Warm Home Discount offering an extra £100 to qualifying households. Further speculation includes a bank tax projected to generate more than £2 billion each year, a mansion tax imposing up to £7,500 annually on homes valued over £2 million from April 2028, and a scheduled rise in fuel duty of 3p per litre in January and 2p in March, as announced by Rachael Reeves.