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UK Autumn Budget Raises £7B in New Taxes

By Drooid · Oct 29, 2026 · How we work

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Summary

Chancellor John Healey presented the UK autumn budget, raising about £7 billion in new taxes.
The new taxes fund a £100 payment to 20 million households.
Healey increased the bank surcharge to 6% for 15 months, expected to raise £1.5 billion.
He set a defence-spending target of 3% of GDP by 2030, costing £4.7 billion over three years.
UK public debt surpassed £3 trillion, with debt-interest payments projected to rise by £14 billion this year.

History

Following the 2008-09 crisis, the UK government introduced a bank levy and a £137 billion rescue that taxed major banks such as Lloyds Banking Group. The levy helped fund the bailouts. In the 2024 autumn budget, Chancellor John Healey revived a similar surcharge to finance significant household payments and defence spending for the nation.

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Following the 2008-09 crisis, the UK government introduced a bank levy and a £137 billion rescue that taxed major banks such as Lloyds Banking Group. The levy helped fund the bailouts. In the 2024 autumn budget, Chancellor John Healey revived a similar surcharge to finance significant household payments and defence spending for the nation.

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