UK finance minister delivers Budget providing support for households

British finance minister John Healey announced support to help households through the "global economic storms" with subsidies for energy bills and a freeze in fuel duty for drivers in the first budget plan of Prime Minister Andy Burnham's government.

Healey told parliament on Wednesday he would raise taxes on banks, gambling and income for savers and landlords while also tightening value-added tax rules for online marketplaces, such as Amazon and Temu to fund the package.

Healey said the British economy faced a hit from the conflict in the Gulf as well as from global trade tensions and the war in Ukraine.

Around 20 million households living in lower-valued homes would receive a ¢G100 payment to help offset their rising energy bills, costing ¢G2.6 billion, he said.

Healey also said he would keep a freeze on the level of fuel duty rates, extending a five-pence temporary cut introduced in 2022 until at least July.