29/10/2026
𝗔𝘂𝘁𝘂𝗺𝗻 𝗕𝘂𝗱𝗴𝗲𝘁 - 𝗺𝘆 𝗿𝗲𝘀𝗽𝗼𝗻𝘀𝗲
What Britain needed today was a Budget that would strike a new Growth and Defence Partnership with Europe to grow the economy, in order to cut people's bills and put the country on a path to lower taxes. Instead, what we got was a steady-as-she-goes Budget which just won’t cut it.
There are some welcome temporary measures for households and small businesses, but this cannot credibly be described as the transformative change Labour promised voters.
Over the last two years, we Liberal Democrats have set the agenda on growing the economy and cutting the cost of living.
We Liberal Democrats have repeatedly called for real action to slash the cost of essential energy, to cut fuel duty and public transport costs and an emergency VAT cut to support our high streets - all fully funded through a one-off windfall tax on the unearned profits of the big banks, clawing back unnecessary support to the energy network monopolies, and using the increased treasury receipts triggered by Trumpflation.
Our bold £14 billion package would have put £350 back in the pockets of households over the next year and a half.
Whilst the government’s decision to remove energy charges in a year’s time and to freeze fuel duty for now are welcome, the Chancellor’s support package is too timid - failing to give families and businesses real breathing space or the certainty they need to plan, budget and invest for the long-term.
The extra business rates relief for some small businesses, particularly those on our high streets, is welcome but Labour promised a fundamental overhaul of the broken business rates, not further tinkering around the edges.
It’s also disappointing that alcohol duty will rise again, making it more expensive to enjoy a pint, making one of life’s little treats more expensive and once again putting up costs for our pubs and hospitality businesses.
