Budget 2026: Healey looks into the storm, and steps back inside - Scotsman leader comment

That is true of course but, as he found, you can delay the difficult decisions needed to weather-proof the nation. He opened the door, took a look at the storm, and stepped back inside.

Yesterday’s Budget was a masterclass in kicking the can down the road, and while some may say it did exactly what was required as a “steady as she goes, don’t spook the horses”, statement, it lacked any of the bold action which had been demanded to turbocharge growth.

The one surprise rabbit-out-of-the-hat kept for Budget day was undoubtedly the £100 energy discount for millions. It is difficult not to welcome such a measure as bills soar out of control, but what was missing from the Budget is also likely to attract some ire.

On oil and gas, for example, no mention of reform of the windfall tax. He chose not to capitalise on the positivity surrounding the long-awaited approval of the Jackdaw field.

And the huge Acorn carbon capture project at St Fergus, was dealt a major blow with the government cutting £200million from capital grants to help fund increased defence spending. It means Acorn has been left without a confirmed funding commitment.

“Not good enough, not strong enough, not bold enough”, was Tory leader Kemi Badenoch’s reaction. Mr Healey of course had earlier reminded the Tory frontbench of the undoubtedly bold statement under Liz Truss which “crashed the economy”.

His Budget will not do that, for which we should of course be grateful. But it isn’t going to transform anything either. At the end of the day it was, simply put, not interesting enough. Perhaps that was the point amid rumours of a snap election in the offing.

Sandy Begbie of Scottish Financial Enterprise described the statement as a “deeply disappointing missed opportunity”.

“Economic growth is supposed to be the UK Government’s defining mission.,” he writes in The Scotsman. “Yet, judged against that ambition, the Chancellor’s budget represents a deeply disappointing missed opportunity.

“Indeed, by targeting two of Scotland’s most important industries – financial services and energy – through punitive taxation and withdrawn investment, the government risks actively undermining the growth it claims to prioritise.”

There were things to welcome in Mr Healey’s statement, and we will be watching the Scottish Government’s action carefully, not just on replicating the energy discount but on following the measures intended to help small business., but a ‘missed opportunity’ sums it up pretty well.

Mr Healey promised “to steer us through the global economic storms today, to chart a new course for Britain in the years ahead, to give people fresh hope for Britain’s future”.

That can will only be kicked so far.