Budget 2026 LIVE: Chancellor announces gas bill standing charges will be abolished - latest updates

Chancellor John Healey will announce the Government’s tax and spending plans in his first Budget speech this afternoon. My Healey will unveil a series of measures that will affect millions of people and businesses in London and beyond. However, the Budget is likely to contain a number of measures to create “breathing space” for people struggling with the cost of living.Ahead of the speech, the Treasury announced standing charges on gas bills, which cover the cost of delivery to homes and businesses, will be scrapped from 2027 “or as soon as possible after”.The speech will be delivered in the Commons after Prime Minister’s Questions at midday. Follow the latest updates below...John Healey promises 'breathing space' for householdsEchoing the words of the Prime Minister, John Healey has promised “breathing space” for households amid rising global pressures. In a video posted on the eve of the Budget, the Chancellor set out what Britons can expect to hear today, promising targeted relief on everyday household costs, backing for businesses, and investment in national defence and housebuilding - all while sticking to tight fiscal rules. You can watch the video here: What is the triple lock?There’s a lot that we don’t know. But one thing we do is that there will be a significant shake-up to the state pension. As it stands, the triple lock ensures that the state pension increases with whichever is the highest out of the three following figures: total earnings growth in the year from May to July of the previous year, CPI inflation in September of the previous year, or 2.5%.The policy is designed to keep pensioners’ incomes in line with the working population and living costs, and it has proved to be a vital cushion for many pensioners living on lower incomes. In John Healey’s announcement today, we should hear more details about exactly what this will mean. What is the mansion tax? Among many of the potential changes being thrown around is the “mansion tax”. In short - properties valued at above £2 million will face an additional tax. The levy was first introduced by former Chancellor Rachel Reeves last year and questions have been raised as to whether Mr Healey will reduce the threshold. This has ruffled the feathers of many Labour MPs who have concerns about how this may disproportionately affect families in the capital, where two thirds of qualifying transactions already take place. Whether John Healey will reduce the threshold remains to be seen, but in the meantime, you can find out more here: Treasury confirms standing charges on gas bills to be scrappedThe Treasury has now confirmed that standing charges on gas bills will be scrapped following reports earlier this morning. Standing charges are fixed fees on gas bills which essentially cover the cost of delivery to homes and businesses. These are now set to be scrapped from 2027 or “as soon as possible or after”, the Treasury said. The Treasury has confirmed that standing charges on gas bills will be scrapped from 2027 or “as soon as possible after”PA ArchiveHealey to slash household gas bills by £50 The Telegraph has reported that Chancellor John Healey will slash household gas bills by up to £50 in the Budget.The announcement will scrap standing charges on household gas bills alongside other new measures to curb net zero levies on household bills. Standing charges are fixed daily fees applied separately to gas and electricity bills, paid regardless of usage. The changes are expected to reduce bills for most households, with industry estimates suggesting households could save between £22 and £50. Many of the announcements anticipated today will support on the cost of living or help to deliver “the breathing space” that Prime Minister Andy Burnham has promised for families and businesses in Britain. It comes after claims that the Chancellor will add 2p to the price of a pint after unveiling cuts to supermarket stables. The move could save households between £22 and £50Alamy/PAWho is John Healey? It’s a name worth knowing today: John Healey. Mr Healey has a parliamentary career spanning almost three decades. The incumbent Chancellor of Exchequer previously served as the Secretary of Defence under Sir Keir Starmer and has been a MP for Rawmarsh and Conisbrough (formerly Wentworth and Wentworth and Dearne) in South Yorkshire since 1997. That means he has worked under multiple Prime Ministers, such as Gordon Brown and Tony Blair, and in several shadow cabinets - including that of Ed Miliband and Jeremy Corbyn. He was one of the many MPs who stepped down from their cabinet roles in June as pressure mounted on Sir Keir to resign. During his shock resignation, he laid the blame at the Treasury’s door for not stumping up the amount military chiefs believed were needed for the Dip.You can read more about the Yorkshire-born and bred Chancellor here: When is the Budget? The Autumn Budget is taking place earlier than usual this year. Last year, the Budget took place in late November, and was held in November in 2017, 2018, and 2021. Chancellor John Healey confirmed the date of the Budget before Parliament went into recess. He promised a Budget that will "move money and power out of Westminster and into every postcode around Britain".So, when will we hear from the Chancellor today? Mr Healey is expected to deliver his Budget shortly after midday following PMQs. Good morning Chancellor John Healey is hours away from announcing the Government’s tax and spending plans for the year ahead. It’s the first Budget since Andy Burnham took over from Sir Keir Starmer with sizable changes expected. From a possible shake-up of the state pension to reforms for first-time buyers, we’ll be keeping you up to speed with all the latest developments. John Healey will be announcing his budget todayPA