The Chancellor, John Healey, has said he wants to champion profit-making businesses and ease the pressure on firms when he delivers his first Budget on 28 October, GB News reports, citing his interview with The Times.
Mr Healey, who took over from Rachel Reeves in the summer, praised entrepreneurs who keep going through sheer determination and suggested that cutting costs and red tape for smaller companies would be a priority. He has already ruled out raising capital gains tax, despite calls from some cabinet colleagues, though banks are expected to face higher taxes.
He faces a difficult backdrop. National debt passed £3 trillion for the first time in September, inflation reached 3.5 per cent, and public sector borrowing last month was higher than expected at £24.5 billion.
Source: GB News
