Healey faces £24bn spending squeeze as inflation puts tax rises in play

cityam

Jul 29

The Bank has been warned about inflation as it is set to hold interest rates. Chancellor John Healey is facing a £24bn real terms squeeze on the public purse due to higher inflation and will be forced...

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Chancellor John Healey is facing a £24bn real terms squeeze on the public purse due to higher inflation and will be forced...</p>\n\n<a href=\"https://www.cityam.com/healey-faces-24bn-spending-squeeze-as-inflation-puts-tax-rises-in-play/\">Source Link</a>\n\n</div>\n","source":"cityam_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Healey faces £24bn spending squeeze as inflation puts tax rises in play</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHealey faces £24bn spending squeeze as inflation puts tax rises in play\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-07-29 07:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cityam.com/healey-faces-24bn-spending-squeeze-as-inflation-puts-tax-rises-in-play/><strong>cityam</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Bank has been warned about inflation as it is set to hold interest rates. Chancellor John Healey is facing a £24bn real terms squeeze on the public purse due to higher inflation and will be forced...</p>\n\n<a href=\"https://www.cityam.com/healey-faces-24bn-spending-squeeze-as-inflation-puts-tax-rises-in-play/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CGUI","symbol_name":"Capital Group Ultra Short Income ETF","start_time":0,"source_url":"https://www.cityam.com/healey-faces-24bn-spending-squeeze-as-inflation-puts-tax-rises-in-play/","article_id":"2655851560","we_media_id":null,"thumbnails":["https://www.cityam.com/wp-content/uploads/2026/05/Bank-of-England-2025-e1779705509840.jpg?w=824&h=463&crop=1"],"rights":{"source":"cityam_highlight","url":"https://www.cityam.com/healey-faces-24bn-spending-squeeze-as-inflation-puts-tax-rises-in-play/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2655851560","pubTimestamp":1785279780,"columns":[],"sourceInfo":{"source_id":"cityam_highlight","name":"cityam"},"weMediaInfo":null,"summary":"The Bank has been warned about inflation as it is set to hold interest rates. Chancellor John Healey is facing a 24bn real terms squeeze on the public purse due to higher inflation and will be forced to hike takes to fund the government’s spending plans, a top think tank has warned.Price growth will peak at 3.8 per cent early next year before a slow return to the Bank of England’s target of two per cent in 2029, which could hit government spending plans by nearly four per cent by the end of the decade, according to the National Institute of Economic and Social Research .In real terms, it will mean a squeeze on spending of 24bn, Niesr said.Healey must avoid borrowing and instead raise taxes and reallocate spending to fund pledges including support for households on the cost of living and a boost to defence spending to three per cent of GDP by 2030, Niesr researchers warned.","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"CGUI":"Capital Group Ultra Short Income ETF","MDLV":"MORGAN DEMPSEY LARGE CAP VALUE ETF","VXZ":"中期波动率指数期货ETN","CGUS":"Capital Group Core Equity ETF","BSR":"Beacon Unified Catalyst ETF","PRVS":"Parnassus Value Select ETF","AGGZ":"Twin Oak Enhanced Fixed Income ETF","ILCV":"iShares Morningstar Value ETF","SDOG":"ALPS Sector Dividend Dogs ETF","DIVZ":"TrueShares Low Volatility Equity Income ETF","CGDV":"Capital Group Dividend Value ETF","CDC":"VictoryShares US EQ Income Enhanced Volatility Wtd ETF","ADPV":"ADAPTIV SELECT ETF","VOTE":"TCW Transform 500 ETF","CGVV":"Capital Group U.S. Large Value ETF","VTV":"Vanguard Value ETF","LCG":"Sterling Capital Focus Equity ETF","LGH":"HCM Defender 500 Index ETF","SAMT":"Strategas Macro Thematic Opportunities ETF","FLV":"American Century Focused Large Cap Value ETF","HIDV":"AB US HIGH DIVIDEND ETF","FT":"富兰克林通用信托","TCTL":"Premise Capital Diversified Tactical ETF","FLXI":"Invesco Flexible Income ETF","IMCG":"iShares Morningstar Mid-Cap Growth ETF","DECU":"AllianzIM U.S. Equity Buffer15 Uncapped Dec ETF","REGL":"ProShares S&P MidCap 400 Dividend Aristocrats ETF","REMC":"COLUMBIA RESEARCH ENHANCED MID CAP ETF","ARP":"PMV ADAPTIVE RISK PARITY ETF","RHTX":"RH TACTICAL OUTLOOK ETF","SPCT":"Liberty One Spectrum ETF","RULE":"Adaptive Core ETF","BAMA":"Brookstone Active ETF","EES":"WisdomTree U.S. SmallCap Fund","BKDV":"BNY MELLON DYNAMIC VALUE ETF","DFUV":"DIMENSIONAL US MARKETWIDE VALUE ETF","EQRR":"ProShares Equities for Rising Rates ETF","FXD":"First Trust Consumer Discretiona","IUS":"Invesco RAFI Strategic US ETF","ESLV":"Eventide Large Cap Value ETF","RMIF":"LHA Risk-Managed Income ETF","MODL":"VictoryShares WestEnd US Sector ETF","FITZ":"Fitz-Gerald Must Have Portfolio ETF","PSC":"Principal U.S. Small-Cap Multi-Factor ETF","CLIX":"ProShares Long Online/Short Stores ETF","TEQI":"T. 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Chancellor John Healey is facing a £24bn real terms squeeze on the public purse due to higher inflation and will be forced to hike takes to fund the government’s spending plans, a top think tank has warned.Price growth will peak at 3.8 per cent early next year before a slow return to the Bank of England’s target of two per cent in 2029, which could hit government spending plans by nearly four per cent by the end of the decade, according to the National Institute of Economic and Social Research (Niesr). In real terms, it will mean a squeeze on spending of £24bn, Niesr said.Healey must avoid borrowing and instead raise taxes and reallocate spending to fund pledges including support for households on the cost of living and a boost to defence spending to three per cent of GDP by 2030, Niesr researchers warned.\n\nThe economics think tank’s deputy director professor Stephen Millard said the government would have to consider sweeping tax reforms on property and reliefs, cutting the welfare bill or breaking a manifesto commitment not to raise income tax.\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n“There is clearly no scope for really increasing borrowing, so it is about choices,” Millard told reporters. “It’s about do you want to pay for a whole bunch of new things out of higher taxes, or can you make spending cuts elsewhere.”The latest forecast emphasised higher inflation would erode raw spending plans by the government. The fiscal headroom has not, however, suffered a deterioration beyond around £3bn over the last three months, estimates indicate. The Westminster-based organisation takes a more pessimistic view of the UK economy’s trend growth rate than the Office for Budget Responsibility, meaning that it believes there is now a buffer of £3.4bn compared to just over £7bn in the spring. \n\nThe OBR’s more optimistic forecast from before the Iran war found that the size of the headroom was £22.7bn.Niesr director David Aikman warned Healey that “treading water is not enough” as he urged the new Chancellor to rapidly decrease the size of public debt given UK borrowing costs were the highest out of any G7 nation. While growth was revised up slightly in its forecast to 1.1 per cent both this year and in 2027, it would remain below the expected trend rate of around 1.2 per cent.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}