Badenoch says Healey’s budget will be worse than Reeves’s if he doesn’t slash spending – UK politics live

Conservative leader to give a speech later, while Treasury sources say Healey has ruled out a rise in capital gains tax

Here is Jessica Elgot’s story on John Healey ruling out raising capital gains tax in the budget.

Good morning. John Healey, the chancellor, is delivering his first budget a week tomorrow, and this morning there are two news developments that will help to frame the way it is received.

Senior allies of Andy Burnham, including several cabinet ministers, have been pressing for a rise in capital gains tax on the sale of second homes, shares and other assets to help repair the public finances.

However, the chancellor has ruled this out after warnings that it could ultimately cost the government money if wealthy individuals left the UK or deferred selling assets …

John Healey is not Rachel Reeves.

Many people see that as an improvement.