Housing pledges in detail:

Rental income: The Chancellor announced an additional 2% rise in tax on rental income from April, on top of the 2% rise already announced in the 2025 Budget. 

Homelessness: Chancellor John Healey confirms Prime Minister Burnham’s pledge to offer a bed to everyone who is homeless will be extended as indefinite policy. This will cost more than £400m over the next five years.

First Time Buyer ISA introduced: “I’m announcing that a first time buyer ISA will replace the Lifetime ISA. And from today, I’m dealing with the Lifetime ISA penalty, so that if the home you want costs more than the limit, you will get back at least what you put in.”

Your First Home scheme confirmed: “From next spring, a new scheme for first time buyers who don’t have ‘the bank of mum and dad’ behind them. Your First Home: an equity loan scheme which I’m funding today with £4.7bn of government backed lending.”

Other measures announced today:

• Extending VAT cut on electricity bills to July next year
• Standing charges from household gas bills removed and plans for similar reforms for electricity bills
• Payment of £100 to households in council tax bands A to D to help with energy bills
• Introduction of a cost control framework to drive down energy bills and a levy to fund hydrogen projects scrapped in favour of direct government funding
• Fuel duty cut of £0.05 extended to July
• Tariffs on over 100 supermarket products suspended to reduce prices
• National minimum wage and national living wage to be increased by 3.9%
• Paid parental leave extended to self-employed fathers and their partners
• Threshold for retail, hospitality and leisure businesses to be eligible for business rate relief extended from £12,000 to £18,000
• Duty on gambling machine takings raised from 20% to 25%
• Planned cut to tax-free allowance for cash ISAs scrapped
• Bank surcharge increased by 3% for 15 months to pay for support on energy bills 
• Launch of “British data centre covenant” setting out conditions and permissions for construction of data centres
• Reform of the “Green Book”, the Treasury’s investment guidelines, to extend eligibility to more towns
• Mayors to receive spending power over 20% of business rate revenues and plans to give them control over 100% by 2030 and over a share of income tax by 2028