Labour's 2026 budget in under three minutes – video

In his first budget, the chancellor, John Healey, said 20m households in council tax bands A to D would receive a £100 payment, at a cost of £2.6bn. The VAT cut on electricity bills was extended until July and, as widely expected, fuel duty rises pencilled in by Rachel Reeves were cancelled. Healey said this would support businesses and consumers Budget 2026: key points at a glance Budget 2026 live – latest updates