Ace Business Desk – UK chancellor John Healey has announced a series of “radical reforms” to the energy market in the government’s first budget under prime minister Andy Burnham, with the goal of prioritising lower energy costs, according to BusinessGreen. It adds that this includes “a range of measures designed to remove and curb policy costs that are currently imposed on electricity bills”. At the same time, Healey said the government “remains unshakably committed to net-zero by 2050”, according to the outlet by James Murray, BusinessGreen: Published: Tue 27 Oct 2026 at 2:53pm

Politico says Healey “repeatedly pointed to uncertainty stemming from war in the Middle East”, which has sent fossil-fuel prices spiralling.

The Guardian lists key points from the budget, including abolishing standing charges on gas bills for 23m homes and providing 20m households with a £100 energy payment. 

Bloomberg notes that, alongside efforts to curb household energy bills, the budget includes a plan to cut £1bn from programmes “aimed at making homes cleaner and cheaper to heat”. It notes that the government will also reduce spending on “hydrogen, carbon capture and storage (CCS), Great British Energy and its nuclear arm”.

The Times says the government is “diverting funding from green investment schemes to pay for Britain’s military build-up, to help first-time buyers onto the housing ladder and to subsidise bus fares”.

The Scotsman reports on funding for the Acorn CCS project in Scotland being “repurposed” to help pay for defence investment.

The Timesreports that the flagship scheme “is in doubt”, as the budget documents suggest £200m in government funding has been removed, although the newspaper notes that “insiders insisted that the £200m promised last year was separate to the saving of the same amount referenced in the spending plans”.

Carbon Brief has a breakdown of the budget’s key details relating to climate and energy.

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