The Aporia
The Aporia
Saker-Clark, H. (2026, October 28). UK growth forecast slashed to 1% for next year amid Iran war impact. Evening Standard. https://www.standard.co.uk/news/politics/gdp-iran-john-healey-growth-press-association-b1302646.html
Saker-Clark, Henry. “UK growth forecast slashed to 1% for next year amid Iran war impact.” Evening Standard, 28 Oct. 2026, https://www.standard.co.uk/news/politics/gdp-iran-john-healey-growth-press-association-b1302646.html.
Saker-Clark, Henry. “UK growth forecast slashed to 1% for next year amid Iran war impact.” Evening Standard, October 28, 2026. https://www.standard.co.uk/news/politics/gdp-iran-john-healey-growth-press-association-b1302646.html.
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On October 28, 2026, British Chancellor John Healey presented his first autumn budget under Prime Minister Andy Burnham's premiership in response to high inflation and increased government spending levels. The budget included a £1bn allocation for social and affordable housing across England, bringing the total funding for the government’s 10-year homes program past £40bn. Additionally, Healey announced plans to devolve more power and funding to local leaders in England through a new £285m "good growth" funding package and a £1.5bn borrowing facility to support local projects until 2028 when some income tax revenue will be directly handed over to local areas.
However, the budget also raised concerns as it included higher taxes on banks, which critics warn could raise mortgage rates, potentially harming homeowners. Moreover, there was criticism that the scale of the spending did not match previous rhetoric about radical reform, with many in Westminster questioning whether the budget adequately addresses the economic challenges posed by global turmoil, particularly the US's war with Iran.
