Healey's budget prioritizes debt control as tax burden hits historic high

The UK government's budget maintains frozen income tax thresholds, pushing the tax burden to a record 38.6% of national income. While providing limited relief on energy and fuel costs, official forecasters predict household incomes after inflation and tax will typically be lower over the next two years. The Chancellor cites the need to reassure markets and control debt interest payments, which are projected to double to £160 billion by 2032, limiting the scope for further spending.