Will

🚨FULL SUMMARY: UK Autumn Budget 2026 Economy & Public Finances - Growth forecast: 1.2% this year, 1% next, then 1.6–1.8% later years - Borrowing falls to 4.2% of GDP this year, then lower (to 1.8% by early 2030s). - On track to eliminate the current budget deficit within 3 years - Fiscal headroom: £15bn in 2029/30, rising to £22bn in 2030/31 - Debt peaks around 83.8% of GDP then falls to 81.7% by 2031/32 Cost of Living & Energy - £100 Household Energy Payment for ~20 million households in council tax bands A–D (£2.6bn scheme) - VAT cut on electricity bills extended to July (about £50 off typical annual bill). - Gas standing charges to be scrapped (average ~£45 saving for many households) - Fuel duty 5p cut extended / frozen until July 2027 - Higher mileage rate for work use of own car raised from 25p to 35p (over 10,000 miles); standard rate made permanent at 55p Taxes & Business Support - National Minimum Wage / Living Wage up 3.9% for 2.3 million workers - Bank surcharge raised by an extra 3% (to 6% total) for 15 months from January, to help fund energy support - Gambling taxes up (Machine Games Duty 20% → 25% for higher-stakes machines); pubs and seaside arcades protected - Small business rates relief threshold raised from £12,000 to £18,000 (about 70,000 more businesses exempt); real-terms freeze for larger retail/hospitality firms - Cash ISA limit stays at £20,000 (previous cut plan reversed); new Starter ISA planned - Import tariffs removed on selected everyday goods (e.g. baked beans, chocolate) Other Measures - Extra £20.4bn for National Wealth Fund / British Business Bank (focus on growth areas including defence and AI). - Bigger devolution: mayors to retain more business rates (20% next year, 100% local by end of decade) and a share of income tax from 2028; new Good Growth Funds - Self-employed fathers to get paternity leave pay entitlement - Measures to cut business energy costs (including 25% off electricity for ~10,000 firms via new scheme) and push cheaper energy overall - Support for defence investment and Ukraine; continued commitment to net zero with some pragmatic energy decisions #Budget26