Burnham’s government unveils its first UK budget: What to expect

What happened: British Chancellor John Healey will set out the country's autumn budget in parliament on Wednesday at 12.30 GMT, the first under Prime Minister Andy Burnham, amid high inflation and government spending levels. Key numbers: Borrowing broke 3 trillion pounds ($3.99 trillion) in September. Why it matters: Healey aims to close a 4.7-billion-pound ($6.2bn) defence funding gap, with cuts to other departmental budgets likely to fund it. The IFS said a "steady-as-she-goes" budget is not an option, warning inflation would blow departments' spending plans off course.

British Chancellor John Healey will set out the country's autumn budget in parliament on Wednesday at 12.30 GMT, the first under Prime Minister Andy Burnham, amid high inflation and government spending levels.

Healey aims to close a 4.7-billion-pound ($6.2bn) defence funding gap, with cuts to other departmental budgets likely to fund it. The IFS said a "steady-as-she-goes" budget is not an option, warning inflation would blow departments' spending plans off course.