‘Headroom’ never gives a full picture of the public finances. What matters is whether Healey has a credible plan to reduce borrowing in coming years.

HM Treasury is covering losses as the Bank of England unwinds QE. Recent economic and policy changes affect the scale of losses in the near term. 

UK government borrowing costs are high, but recent rises reflect global factors and the attention of the bond markets is currently elsewhere.

Conflict in the Middle East and the subsequent energy price shock will squeeze households and make the economic backdrop to the Budget more difficult.

David Phillips looks at how the government can get its tax revenue sharing plans right.

Higher inflation, higher government borrowing costs and pressures on public services will be the key challenges faced by the Chancellor at the Budget.

Departmental spending growth is slowing amid pressures on budgets and new spending ambitions. We assess the Chancellor’s choices at this Budget.

Under the new revenue assignment plan, billions of pounds of funding per year for transport, skills and economic development are at stake.

The government has committed to sharing tax revenues with England’s regional mayors. What decisions have to be taken on how this works in practice? 

At his first Budget, the Chancellor faces an uncertain outlook for the economy, and added pressures on public spending from higher inflation.

Should utilities such as water, energy and transport come under public control? In deciding, the government needs to confront important trade-offs.

Government could ease cost-of-living pressures caused by high electricity prices by promoting time-varying electricity tariffs.