British Chancellor of the Exchequer John Healey on Wednesday set out the government's latest tax and spending measures in his first budget, seeking to boost economic growth while maintaining control of public finances.
He described it as a “budget for the working people of Britain, for British businesses, big and small, delivered at a time when global uncertainties and pressures are swirling worldwide and hitting people here at home”.
Mr Healey said the UK was facing “global economic storms with trade tensions acting as a drag on global growth”.
He said Russian President Vladimir Putin's invasion of Ukraine more than four years ago and the war in the Middle East were significant drivers of economic forecasts.
The Chancellor said the government would continue to work with allies to end the regional conflict and restore shipping through the Strait of Hormuz.
He said he had chosen to use some of the fiscal headroom to “absorb the impact of the Iran war to protect the economy, and to protect family budgets”.
Mr Healey announced plans for a new cost-control framework to drive down energy bills. He announced a £100 payment for 20 million households “to take the pressure off in the coldest months and see people through to the spring”.
