Image source, Dan Kitwood/Getty Images- Published28 September 2026
Chancellor John Healey will set out Labour's tax and spending plans when he delivers his first Budget on 28 October.
He has refused to rule out tax increases after acknowledging government borrowing costs are at "historic highs".
But the government's room for manoeuvre on tax is limited.
Before the 2024 general election, Labour promised not to increase three big revenue earners for the government: income tax, National Insurance and VAT.
