Faisal Islam: Budget described as "micro" to avoid market turbulence similar to Truss's mini-Budget

Chancellor Rachel Healey presented a "micro Budget" described as "steady as she goes" to avoid the market turmoil following Liz Truss's mini-Budget. The announcement included £65 billion of extra borrowing over five years, which saw government interest costs fall despite market turmoil from the US-Iran war. The Budget focused on providing "breathing space" for the government's long-term plans, with notable measures on energy cost relief and devolution of tax powers to local mayors, though detailed welfare reform and the prime minister's 10-year growth plan are expected next month.