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Burnham Names Healey Chancellor, Announces £45 Electricity VAT Cut

7/21/2026

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Summary

Story summary

Prime Minister Andy Burnham appointed John Healey as Chancellor of the Exchequer.
Healey announced an October VAT cut on electricity that will save households £45 a year, though funding is disputed.
Healey, who quit as defence secretary after rejecting a £13.5 bn offer, said he will fund a gap and aim for 3% of GDP in spending by 2030.

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Story summary

Prime Minister Andy Burnham appointed John Healey as Chancellor of the Exchequer.
Healey announced an October VAT cut on electricity that will save households £45 a year, though funding is disputed.
Healey, who quit as defence secretary after rejecting a £13.5 bn offer, said he will fund a gap and aim for 3% of GDP in spending by 2030.