Opposition demands Chancellor pledge no new taxes ahead of October 28 Budget

Andrew Griffith, the Conservative shadow chancellor, called on John Healey to guarantee that the October 28 budget will not introduce any new taxes, urging him to halt what he described as a "tax ratchet." He criticized Labour's recent budgets for pushing tax rates to historic highs and presented five "tests" for the Chancellor: reducing the budget deficit, cutting welfare spending, increasing defence spending to 3% of GDP by 2030, expanding youth employment, and refraining from new taxes.

Griffith noted that Labour has already set a defence spending target after Healey left the defence post. At the same time, senior figures from the UK's largest City groups, represented by the chief executives of UK Finance and the CBI, wrote to Healey warning that higher taxes could drive banking firms to relocate. A Treasury spokesman said the Chancellor remains committed to fiscal rules, job creation and growth, with decisions to be announced on October 28. The exchange underscores the political and economic stakes surrounding the upcoming budget.