Analysis: John Healey loves rabbits, but there were no surprises in Budget of caution
The Budget came from a secure and safe pair of hands, not looking to rock the boat “amid global economic storms”.
When John Healey was growing up in North Yorkshire, his family used to move around a lot due to his father’s job as a prison officer.
And when they made the move north from Malton to Rosedale, they had to hire a special removal van to transport the Healeys’ 26 rabbits.
But in his first Budget as Chancellor, Mr Healey chose not to pull any rabbits out of the hat at the last minute.
Instead it was - as Labour MPs had been hinting at in the build-up - a fiscal event of “moderation”, with few surprises amid the tough economic headwinds across the globe.
After a dinner of Nando’s with aides the night before, Mr Healey would have woken up to the disheartening news that the cost of oil had reached its highest level since 2022.
The Chancellor would have been mindful that his first Budget may not even be the most important moment for the UK economy over the next week.
After the US midterm elections, Donald Trump is expected to renew his war with Iran which will hit inflation, growth, mortgage rates, energy bills and fuel prices in this country.
So it was always likely - given Mr Healey’s character - that this would be a Budget of restraint, after Rachel Reeves’ tax-raising bonanza.
The Chancellor has looked to try and trim energy bills, by abolishing standing charges and cutting VAT.
The biggest announcement was £100 off the energy bills this winter of 20 million households.
However, this package was always going to feel a bit like tinkering around the sides, with the average price cap set to rise to £2,000 a year in January according to Cornwall Insights.
A temporary hike in levies on bank profits was used to pay for the majority of the cost of living measures.
And end to 40 years of neoliberalism as Andy Burnham had promised, this was not.
Even though it was the first Budget of the Burnham premiership, it was very much a statement in Mr Healey’s image.
A secure and safe pair of hands, not looking to rock the boat “amid global economic storms”.