Chancellor’s statement direct from the Commons – Daily Business

13.20: The National Wealth Fund and British Business Bank will commit funds to the defence industry.

13.19: £10bn additional support for Ukraine which “sends a message to Moscow”.

13.09: Extra funding announced in advanced technologies in Edinburgh and Glasgow.

13.08: New tax relief announced for company founders.

13.07: Extra £20.4bn for the National Wealth Fund. British Business Bank to double its commitment to female-led businesses.

13.04: £140m investment to keep AI development in Britain.

12.59: Surcharge on banks will rise by 3% but will be time-limited, starting in January and ending 15 months later. The lower than expected rise saw Barclays’ share price up by 2.5% while NatWest’s has risen by 2.4%. Lloyds Banking Group’s share price is also up 1.9%.

12.58: Confirms that the planned changes to ISAs will not go ahead. He will work with the sector on a new Starter ISA to help make investment more accessible.

12.53: Increases the threshold on business rates relief from £12,000 to £18,000 in England, taking 70,000 businesses out of paying any business rates. This will be partly met by raising taxes on gambling.

12.52: Increasing both the National Minimum Wage and the National Living Wage by 3.9% “for 2.3 million of our lowest paid workers”

12.50: 5p fuel duty cut extended to July 2027.

12.47: VAT cut on electricity bills is extended to July 2027. Announces £100 energy payment for A-D band council tax payers in England and invites the devolved governments to to follow suit. Confirms abolition of standing charges on gas bills.

12.46: Healey says borrowing will be down to 1.8% by 2030/31. On debt as a percentage of GDP, Healey says its forecast to fall by 81.7% in 2031/32.

Healey says the IMF pointed out that the UK now “stands out” as a country where action to reduce debt and deficit has been taken decisively.

“They project our UK deficit will be the lowest in the G7 by 2029.”

12.44: Chancellor says he will take the “radical reform of our energy to reduce bills”.

12.37: The fiscal rules will be kept. Says he will not raise tax on working people. He describes it as a buget “for the “working people of Britain, for British businesses big and small”.

12.34: Chancellor pays tribute to his predecssor Rachel Reeves who, he says, “”took the decisions required.

12.32: Chancellor’s statement begins

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