Chancellor John Healey delivers maiden Budget with pledges on household energy and ISAs

By The Financial Edition · 28 October 2026 · 12:53 GMT · Investment Week · 1 min read

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

Budget Announcements and Market Reaction

Chancellor John Healey is addressing MPs to deliver his first Budget, promising targeted support for businesses and households while adhering to tight fiscal rules. Ahead of the speech, the Treasury announced plans to scrap standing charges from household gas bills next year or as soon as possible, which is expected to reduce bills by about £45 per year for roughly 60% of households. The government also dropped plans to cut the annual Cash ISA allowance from £20,000 to £12,000. In early trading following the announcements, 10-year gilt yields rose two basis points to 5.37%, 30-year counterparts fell one basis point to 5.77%, and the FTSE 100 dipped 0.3%.

Jargon, explained.

basis points: A basis point is one-hundredth of a percentage point; 100 basis points equal one percentage point.
basis point: One-hundredth of a percentage point; for example, a 25-basis-point rate rise is 0.25 percentage points.

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