Budget 2026: Key points announced by Chancellor John Healey in tax and spending speech

Chancellor John Healey has delivered his first Budget speech.

He faced a fraught task of trying to help millions of struggling households without hitting economic growth with even higher taxes.

Here are the key points as announced in the Commons:

GDP

The Office for Budget Responsibility has upgraded its economic growth forecast to 1.2% this year, Mr Healey said, followed by 1% next year, 1.6% in 2028, 1.8% in 2029, 1.7% in 2030 and 1.6% in 2031.

Given the slow GDP growth, the Chancellor added: "Yes, there are real challenges ahead, but Britain has beaten the forecasts this year, And with the action I'm taking today, I believe Britain can beat them again."