Time to drill down

Ahead of Britain’s budget, Sam Francis reports on shifting political and economic signals in the week leading to John Healey’s moment. The FT estimates that higher inflation and borrowing have reduced the chancellor’s headroom to £12 billion from £23.6 billion, with more coverage expected through the weekend before the budget next Thursday. Healey, in an interview with The Times’ Patrick Maguire, framed solutions around backing “bloody-minded entrepreneurs” while aides reportedly emphasize cutting red tape and trimming business reporting requirements for smaller firms. The update also notes discussion of more generous entrepreneurs’ relief, potential tax breaks for venture capital backing defense-tech scale-ups, and “puffins” linked to public financial institutions. Separate analysis cited claims of 4.1% efficiencies in 2025–26, while noting methodological caveats.