Andy Burnham, the Chancellor of the Exchequer, has reaffirmed that there will be no early general election in the United Kingdom, dispelling recent speculation about a snap poll. Responding to claims from Nigel Farage, leader of Reform, who suggested that the chancellor’s recent budget was designed with an early election in mind, Burnham stated unequivocally, “I don’t know how many times I’ve done this now, but yes, I can rule out calling a general election in the next 12 months.” This aligns with previous statements from the prime minister, who has indicated that the next general election will not take place before 2029.

In other economic developments, the Office for Budget Responsibility (OBR) has downgraded its forecast for housebuilding in the UK over the next three years. The independent fiscal watchdog now predicts that 190,000 fewer new homes will be built during this period compared to its March estimate. Specifically, the OBR expects 229,000 new homes this year, followed by 221,000 in 2025, and 219,000 in the 2027-28 period.

On the topic of regional governance and devolution, the government outlined plans to grant mayors greater financial powers. Starting next year, mayors will receive 20 percent of the business rates generated within their areas. This will increase to a share of income tax revenue in 2028, with a goal of local authorities retaining 100 percent of business rates by the end of the decade. Additionally, from 2028 onward, mayors and strategic authorities will have the authority to introduce an overnight visitor levy in their regions.

The government also announced changes to visa rules affecting international graduates. Graduates from selected UK universities will be permitted to remain in the country for up to two years after completing their studies, extending the previous allowance of 18 months established under earlier immigration reforms. This move aims to enhance the UK's ability to attract and retain global talent.