Press Release
Response to the UK Budget
28 October 2026
28 October 2026
Commenting on the UK Government’s Budget, Miriam Brett, Co-Director of the think tank Future Economy Scotland, said:
“The Prime Minister took office promising to end 40 years of neoliberalism. While today’s Budget offers areas of much-needed economic relief, it doesn’t rewire the economy. Real wage growth is bleak, households are trapped in a cost-of-living crisis, and self-imposed fiscal rules continually undermine progress.”
“Tax changes like a time-limited increase to the bank surcharge are welcome, but fall short of the structural wealth tax reform needed. While aspects of the Budget alleviate suffering, like providing much needed breathing space on energy bills, it missed opportunities to steward a new economic direction. Households still face unaffordable energy bills while oil and gas companies see profits soar, highlighting the volatility of our continued reliance on fossil fuels, the injustices embedded in a privatised energy system, and the need to democratise green energy.”
“The Budget notably lacked a comprehensive plan to deliver a just transition. The longer we wait, the more costly it will be. Investment is urgently needed for a bold green industrial strategy and the managed redeployment of workers from declining industries, as well as the replacement of the North Sea Transition Deal with a new binding framework that ensures clean energy benefits flow to workers and communities.”
“Scotland’s looming fiscal gap combined with constrained borrowing powers threaten to undermine climate and economic progress. Amid devolution measures taken for England in the Budget, it was disappointing not to see greater borrowing powers for devolved nations - walking the walk on meaningful decentralisation of power.”
[1] To request an interview with a spokesperson or for any other questions please contact press@futureeconomy.scot or call 07428192437
[2] Future Economy Scotland is a non-partisan think tank that aims to create a new economy that is democratic, sustainable and just. The organisation does not have a formal stance on Scotland’s constitutional future, and is not aligned to any political party or any politician. The organisation is a not-for-profit company limited by guarantee operating with charitable principles. For more information visit: www.futureeconomy.scot