- Healey said higher inflation and interest rates raised the government's interest bill by £14bn this year, but he pledged to stick to Labour's fiscal rules.
- The OBR said the chancellor would meet the most important rule, balancing day-to-day spending with tax revenues, with £15bn of headroom by 2029-30, versus £24bn built up by Rachel Reeves in the spring.
- Pound steady and gilt yields dropped after the budget, with the article attributing part of the calm to upgraded OBR growth assumptions that offset the lower headroom.
Quotes
“navigates first budget without spooking gilt markets”