Topic
The annual fiscal statement in which the UK Chancellor of the Exchequer sets out tax and spending plans.
The IFS says inflation could force Chancellor John Healey to add up to £35bn to departmental budgets by decade-end, a bigger problem than borrowing costs. Headroom for 2029-30 slips only to about £20bn from £24bn, so the harder Budget call is on departmental spending.
Reality
M&S and John Lewis bosses are pressing Chancellor John Healey to cut retail's tax burden, with the Budget less than three weeks away. Most of what they want is protection from new charges, so their campaign is a fight to stop retail bills rising further.
Reality
The TUC says cutting the bank surcharge from 8% to 3% in 2023 cost the UK £6bn over three years. It wants a higher rate at the 28 October budget, so bank finance teams have a scenario to price while the Treasury has not stated its intentions.
Reality
Chancellor John Healey is weighing more than £1bn of energy-bill support for the budget, mostly a £100 rise in the warm homes discount for benefit households. He is set to pass on his energy secretary's £3.2bn plan to strip levies from bills, while officials draft supplier pricing changes for after the budget.
Reality
Bosses of Barclays, HSBC, Lloyds and three other lenders make their tax case to John Healey on Tuesday, just over four weeks before his first Budget. Signals from his Treasury leave lenders that wanted the 3% surcharge phased out defending against a rise.
Reality