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Healey Unveils Budget Funding £100 Checks for 20 Million

By Drooid · Oct 28, 2026 · How we work

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Summary

Chancellor John Healey presented his budget on Oct 28 2026, outlining tax and spending measures.
The package adds £6.6 bn revenue, £1.6 bn spending and is disciplined.
Healey added a 3-point bank surcharge to fund a scheme giving £100 to 20 million households.
Mayors will keep 20% of business-rates revenue from next year and an income-tax share from 2028.
Healey pledged defence spending of 3% of output by 2030, £15 bn, and cut the welfare bill.

History

In 2008, Chancellor Gordon Brown introduced the UK bank levy, a 1.5 % charge on banks’ balance-sheet liabilities, to fund post-crisis recovery. HM Treasury reported the levy generated £12 billion in its first year, bolstering the fiscal buffer while the Bank of England monitored systemic risk. Healey’s 2026 budget mirrors that approach, adding a 3-point bank surcharge to finance a £100-per-household scheme and devolving business-rates to mayors. The precedent suggests British taxpayers will shoulder new levies while local councils gain revenue autonomy, shaping fiscal policy through the 2030 defence target.

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In 2008, Chancellor Gordon Brown introduced the UK bank levy, a 1.5 % charge on banks’ balance-sheet liabilities, to fund post-crisis recovery. HM Treasury reported the levy generated £12 billion in its first year, bolstering the fiscal buffer while the Bank of England monitored systemic risk. Healey’s 2026 budget mirrors that approach, adding a 3-point bank surcharge to finance a £100-per-household scheme and devolving business-rates to mayors. The precedent suggests British taxpayers will shoulder new levies while local councils gain revenue autonomy, shaping fiscal policy through the 2030 defence target.

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