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Wednesday, 28 October 2026

Compiled with AI from public news sources. Folio is editorial commentary for commercial-awareness practice, not legal advice. Verify any detail against the linked sources before relying on it professionally.

All M&A Energy & Tech Regulation AI & Law

Top Story/Energy & Tech

Budget Day: Chancellor Healey to Ask Ofgem to Abolish Gas Standing Charges for 23 Million Homes as Bank Levy and Energy Support Measures Loom

Chancellor John Healey is delivering the UK government's first Budget on 28 October 2026, with several energy and financial measures expected alongside the headline fiscal statement. On energy, Healey has said he will ask Ofgem, the energy sector regulator, to remove the standing charge (a fixed daily fee levied regardless of consumption) on household gas bills, describing it as 'unfair and outdated'. The measure is expected to affect around 23 million homes, with implementation targeted for 2027 or shortly after. Separately, targeted support for households on certain benefits is expected in response to a forecast rise in energy bills, with a typical annual bill projected to jump by approximately £276 in January. On banking, UK banks have been briefed to expect a levy or surcharge increase. The Treasury's options include raising a 3% surcharge on bank profits, which was previously reduced from 8% under the prior government, or increasing the bank levy based on balance sheet size. Bank bosses have told the BBC they expect a tax increase on the sector. The Office for Budget Responsibility (OBR) will publish its economic assessment alongside the statement. Prior to the Budget, the UK sold £4.5 billion of five-year gilts (UK government bonds) paying an average yield of 5.036%, the highest since 2008, reflecting market pressure on public finances ahead of the statement. The fiscal headroom, the gap between projected revenues and the government's self-imposed spending rules, is estimated at between £12 billion and £20 billion depending on the forecaster.

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Bigger Picture

Sector Watch

Budget Day Regulatory Cascade

Wednesday's Budget is the most significant single-day regulatory event of the UK legal calendar, generating simultaneous workstreams across energy, banking, tax, and finance practices. The Ofgem standing charge instruction will trigger a licence condition reform process that runs for months beyond the Budget statement itself. The bank levy or surcharge decision, anticipated by bank bosses and flagged by the BBC, will reshape capital planning assumptions across UK-headquartered institutions and filter into structured finance and securitisation documentation. Meanwhile, the UK gilt market is already pricing in fiscal stress, with the five-year yield hitting its highest level since 2008 the day before the statement, framing the fiscal constraint within which every Budget measure must be designed. Practitioners across energy regulatory, banking, tax, and project finance teams should expect client enquiries from Wednesday afternoon onwards.

One to Follow

The CMA's post-consultation analysis of the Google search choice screen User Choice Conduct Requirement, following closure of the September to October 2026 consultation, with particular focus on whether AI attribution obligations will be made binding in the final conduct requirement text.

The CMA's final decision on whether to place AI content attribution requirements in binding conduct requirement text or non-binding interpretive notes will set the legal and commercial template for how generative AI services interact with the UK press and digital content sector for years ahead. Competition, digital regulation, and media law practices at firms advising both platform operators and publishers should be tracking the outcome closely, as it will determine whether the strategic market status regime can effectively regulate AI-driven search disruption.

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