Chancellor John Healey is preparing to set out the Government’s tax and spending plans, with the Budget set to be unveiled on October 28.

From possible tax changes to help for first-time buyers and a shake-up of the state pension, there is plenty to watch out for.

A stalwart of Labour’s front bench, Mr Healey has a parliamentary career spanning almost three decades.

He held the defence brief under Sir Keir Starmer from 2020 until June this year, before becoming Chancellor under Andy Burnham a month later.

Born in Wakefield in 1960, Mr Healey was educated at Lady Lumley’s Comprehensive School in Pickering and Peter’s School in York, before studying social and political science at Christ’s College, Cambridge.

Before becoming an MP, he campaigned for disability rights in the voluntary sector for several organisations including mental health charity Mind.

After a few years as a PR man, he joined the trade union world, working in communications for the Manufacturing, Science and Finance union and then as campaigns director for the TUC.

Mr Healey has represented a South Yorkshire constituency ever since entering Parliament in 1997.

He was elected as MP for Wentworth, a former mining area to the north of Sheffield which became Wentworth and Dearne between 2010 and Rawmarsh and Conisbrough in 2024 due to boundary changes.

Mr Healey is married with one son.

Described by an ally as “one of the most loyal Labour men for over 30 years”, Mr Healey served in the Blair and Brown governments as well as the shadow cabinets of Ed Miliband and Jeremy Corbyn.

His ministerial experience spanned multiple Whitehall departments, including housing, local government and the Treasury, and he assisted then-chancellor Gordon Brown as his parliamentary private secretary.

In opposition, the softly spoken Yorkshireman led the shadow health and housing teams.

His three-decade parliamentary career has also seen him back the invasion of Iraq and criticise the Tory government’s reduction in the size of the army to 72,500 by 2025.

Mr Healey held the defence brief for Labour under Sir Keir Starmer from 2020, first in the shadow cabinet, then retaining the job after Labour’s 2024 general election landslide.

After Labour entered Government in July, Mr Healey sought to demonstrate the party’s commitment to supporting Ukraine by visiting the war-torn country within days.

Months later, he said the state of the armed forces was “far worse than we thought” and they were not “ready to fight” a war.

He oversaw a sweeping Strategic Defence Review that called for the defence investment plan (Dip) over which he eventually quit, and persuaded Sir Keir to raise defence spending from 2.3% of GDP to 2.5% by 2027.

Against the backdrop of a fraught geopolitical situation, Mr Healey’s Ministry of Defence faced financial woes as the country’s senior military chief warned in January of a £28 billion budget shortfall.

Sir Keir’s failure to address the problem as Mr Healey wanted led him to quit as defence secretary in early June.

During his shock resignation, he laid the blame at the Treasury’s door for not stumping up the amount military chiefs believed were needed for the Dip.

In a resignation letter, he said he was left with “no other option” than to resign as he could not accept settlement for the long-awaited Dip “that would reduce the readiness of our forces and increase the risk to personnel on operations, and could make the country less safe”.

He said he was leaving with “great regret and reluctance” because the Prime Minister had been “unable, and the Treasury has been unwilling, to commit the resources that the nation needs to defend the country at this time of rising threats”.

Mr Healey was appointed as Andy Burnham’s new Chancellor in July, just over a month after his dramatic resignation.

Following his appointment, sources within Mr Burnham’s Government billed Mr Healey as an experienced and trusted figure who shares the same outlook as new the Prime Minister and is respected on the international stage.

Under Mr Burnham and Mr Healey, the government has announced that they would scrap the proposed Digital ID, and instead use the funds to cut VAT on electricity bills at a cost of £850 million in a move aimed at easing pressure on household budgets.

Ahead of the Budget, Mr Healey has promised a Budget that will "move money and power out of Westminster and into every postcode around Britain".

He has also stressed the importance of "fiscal discipline", saying the government wants to give businesses and families the stability they need to plan ahead.

The government has already announced several policies that could affect household finances, such as plans to change the Triple Lock from April 2030 to help fund a national care service, and a new scheme to help first-time home buyers.