Budget 2026: John Healey Raises Taxes on Banks and Landlords to Fund £100 Winter Handout for 20 Million Families

Chancellor John Healey unveiled his first budget, raising taxes on banks and landlords to provide a £100 winter handout to 20 million households. The move comes as official forecasts indicate no immediate end to the cost of living crisis. Healey attributed the economic challenges to "global economic storms," citing the war in Iran and its impact on oil and gas prices. The budget includes few surprises, with Healey adopting a low-key tone while outlining measures aimed at easing financial pressures on families. Critics may question the effectiveness of the one-off payment, but the government hopes it offers immediate relief. The tax increases on banks and landlords are expected to generate revenue to fund the handout, though details on implementation remain to be seen. As energy prices continue to climb, the budget's focus on short-term assistance underscores the urgency of addressing household budgets. The long-term outlook remains uncertain, with the chancellor acknowledging the need for resilience amid global instability.