UK Chancellor John Healey considers business rate cuts and property tax reforms for October Budget

In the United Kingdom, Chancellor John Healey is preparing his first Budget for October 28, 2026, and is considering business rate cuts and commercial property tax reforms. Proposals include raising the Small Business Rates Relief threshold to £17,096 and expanding transitional relief. Downing Street has committed to a 20% rate reduction for pubs and venues. Former Chancellor Sir Jeremy Hunt has urged Healey to be bold, warning against repeating the caution after Liz Truss's mini-Budget. Healey faces pressure to raise taxes or cut spending due to rising borrowing costs from the Iran war and weaker growth.