Chancellor Healey announces £65bn in additional borrowing in autumn fiscal statement

By The Financial Edition · 29 October 2026 · 15:17 GMT · BBC Business · 1 min read

Photograph: Diego Delso, delso.photo · CC BY-SA · sector illustration, not event evidence

Fiscal statement and economic outlook

Chancellor Healey delivered a fiscal statement setting out £65bn of additional borrowing over the next five years, aimed at managing the impact of the Middle East conflict on energy and borrowing costs. According to BBC Business reporting, the measures avoided the market reaction seen following previous unplanned tax cuts, with government interest costs falling after the announcement. Alongside the fiscal measures, the Office for Budget Responsibility forecast that total welfare spending, including pensioner support, is set to reach £431bn by 2031.

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