“Healey Backs Away from Welfare Cuts Despite £28bn Public Finance Shortfall | Nova Global N” — what this page in the network covers. Chancellor John Healey has signalled he will not cut welfare spending this parliament, even as experts warn his first budget leaves a £28bn hole in public finances. The Institute for Fiscal Studies criticised the 'scattergun' budget, saying Healey ducked major tax and spending decisions. The Institute for Fiscal Studies criticised the 'scattergun' budget, saying Healey ducked major tax and spending decisions.
Without action, the shortfall could force brutal cuts to unprotected departments later in the parliament. The chancellor's cautious approach aims to avoid repeating austerity-era mistakes, but critics say delaying hard choices risks deeper pain ahead. With borrowing costs rising and growth forecasts weak, Healey faces a narrow path between fiscal credibility and protecting vulnerable households. This listing links straight to the original page, where the content is available in full.