John Healey vows to give ‘breathing space’ to consumers and businesses in first budget

John Healey, centre, talks to his German and Australian counterparts, Lars Klingbeil and Jim Chalmers, at the IMF/World Bank meeting in Bangkok. Photograph: Athit Perawongmetha/Reuters

John Healey has promised to use his first budget in a fortnight’s time to offer consumers and businesses a “breathing space” while sticking to Labour’s fiscal rules.

Speaking to journalists in Bangkok, where he has been attending the International Monetary Fund annual meetings, the chancellor said he was conscious of rising costs.