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UK chancellor Healey plans energy market reform in first Budget

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Chancellor John Healey is expected to present a "do no harm" Budget on Wednesday that offers short-term relief on energy costs. Reports say it will also start longer reforms to bring British energy prices closer to the European average.

Reports say options include delinking gas and electricity prices and paying renewable owners to leave contracts early. Others are regionally varying electricity prices and removing renewable obligations from industrial electricity prices.

Reports also say Healey will give £20bn of extra capital over five years to bodies such as the National Wealth Fund and the British Business Bank.

In a video message, Healey said the Budget would offer "Breathing space for today and fresh hope for the future." He said changes would be made responsibly within Labour's fiscal rules. He also said the focus is making Britain more resilient to global shocks after the Iran war.

Reports said the Budget will also freeze fuel duty at 52p per litre and cancel the rise planned for January. Tariffs on some foods may be cut. These measures are expected, not confirmed.

Key facts

Who
John Healey (UK chancellor); Martin Wolf (columnist who writes an opinion piece); The Sun (outlet that first reported the expected measures); Healey (Chancellor (first budget))
What
Chancellor John Healey previewed a "do no harm" Budget, signalling long-term energy market reform and offering "breathing space" before an expected tough winter. The text is a short standfirst-style summary with links to other pieces, not a full report.
When
28 October 2026
Where
United Kingdom, Britain, UK
Status
Reported

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