Chancellor John Healey will deliver his first Budget on Wednesday 28 October, and two reports published the day before it point to a change of course on savings and on household energy bills. Neither measure is confirmed until Healey makes his statement in the House of Commons, expected at around 12.30pm after Prime Minister's Questions — and Reuters, which carried both reports, said it could not immediately verify either one.

Cash ISA allowance: the reported reversal

The Financial Times reported on Tuesday that Healey will scrap plans to cut the annual cash Individual Savings Account allowance from £20,000 to £12,000, according to people familiar with the matter. The cut had been announced by his predecessor Rachel Reeves in an attempt to funnel more cash into UK companies. Reversing it would leave the £20,000 allowance in place.

Gas bills: up to £50 off, standing charges scrapped

The Telegraph reported on Tuesday that Healey plans to cut household gas bills by up to £50 in his first Budget, scrapping standing charges on household gas bills and curbing the energy secretary's power to impose net zero levies on household bills. Reuters again said it could not immediately verify the report.

What else is expected

Reuters also reported that banks, gambling firms and online marketplaces such as Amazon and Temu are expected to face higher taxes, helping to pay for support for poorer households facing high energy bills and a freeze in fuel duty for drivers. Healey has said the Budget is about getting through a difficult moment, with the war in Iran pushing up inflation at home. Until he stands up in the Commons, the ISA and gas-bill measures remain reports, not announcements — and savers and bill-payers should treat them that way. Sources: Reuters on the ISA report and Reuters on the gas-bill report.