Business & Politics · 9 Proficient · October 29, 2026

Chancellor targets cost of living with energy aid and bank tax

Photo: Dawid Tkocz via Pexels

Vocabulary

centrepiece ˈsentrəpiːs noun

the most important or striking part of something

The centrepiece of the Budget is a one-off £100 payment to millions of households.

breathing space ˈbreðɪŋ speɪs noun phrase

a pause or break from pressure that allows recovery

Healey framed the package as providing breathing space now while the economy faces uncertainty.

constrained kənˈstreɪnd adjective

limited or restricted by something

Healey's options for larger spending measures were constrained by stretched public finances.

Article

Chancellor John Healey announced his first Budget with measures aimed at easing pressure on household finances amid economic uncertainty. The centrepiece is a one-off £100 payment to millions of households to help with energy bills, funded by raising the tax on bank profits from 3% to 6% between January 2026 and April 2028. Healey framed the package as providing "breathing space now" and "hope for the future" while the UK economy faces what he called "global economic storms," including soaring oil prices linked to Middle East conflict.

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