Chancellor John Healey delivers his first Budget on Wednesday 28 October at about 12.30pm, straight after Prime Minister's Questions, pitching a cautious plan to steer Britain through a difficult moment without adding to bond-market pressure on Andy Burnham's new government.

Reuters reported that Healey is expected to raise taxes on banks, gambling firms and online marketplaces such as Amazon and Temu, to help pay for support for poorer households facing high energy bills and to freeze fuel duty for drivers. Healey said the Budget is about getting through this difficult moment, and about putting Britain on a future path, a better future path.

Reported, not yet confirmed

Two measures in circulation are reported, not yet confirmed, and may change before Healey stands up. The Financial Times reported that Healey will scrap plans to cut the annual cash ISA allowance from £20,000 to £12,000, reversing a plan announced by his predecessor Rachel Reeves. The Telegraph reported that he plans to cut household gas bills by up to £50, scrapping standing charges on gas bills and curbing the energy secretary's power to impose net-zero levies on household bills. Reuters said it could not immediately verify either report.

That distinction matters for households planning around the Budget. What is certain is the backdrop: Britain paid its highest five-year borrowing yield since 2008 on Tuesday, and markets will judge the Budget on whether its borrowing plans look funded. Our separate report covers that gilt sale in full.

Sources: Reuters, Reuters on the FT cash ISA report and Reuters on the Telegraph gas bill report.