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IMF Backs Healey’s Non-Borrowing Budget, Cuts Fuel Rise

By Drooid · Oct 14, 2026, 4:10 PM UTC · How we work

Summary

Story summary

Minister John Healey will fund the Oct 28 budget with higher taxes or cuts, not borrowing.
Healey will drop fuel duty rise of 3 pence per litre in January and 2 pence in March.
The IMF backed Britain’s fiscal strategy and urged staying the deficit-reduction course.
Britain recorded a budget deficit of 4.4% of GDP last year.
The Institute for Fiscal Studies says Healey needs £36 billion of tax rises, a 3-point income-tax hike.

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Story summary

Minister John Healey will fund the Oct 28 budget with higher taxes or cuts, not borrowing.
Healey will drop fuel duty rise of 3 pence per litre in January and 2 pence in March.
The IMF backed Britain’s fiscal strategy and urged staying the deficit-reduction course.
Britain recorded a budget deficit of 4.4% of GDP last year.
The Institute for Fiscal Studies says Healey needs £36 billion of tax rises, a 3-point income-tax hike.