Treasury Denies Healey's Welfare Bill Cut Plan The UK Treasury has denied that Chancellor John Healey plans to cut the welfare bill before the next election, claiming his comments were misinterpreted. In a statement, the Treasury said that Healey's words were taken out of context and do not reflect the government's actual intentions. The controversy began when Healey was asked earlier in the day if there would be a cut to the welfare bill before the next election. He replied, "There will be a reduction in the benefits bill." However, the Treasury has now clarified that this statement was not a commitment to a specific cut, but rather a general statement about the government's fiscal priorities. The Treasury's denial comes as the Institute for Fiscal Studies (IFS) thinktank is presenting its analysis of the budget. The IFS has criticized the budget for containing "bad things" as well as welcome measures, with a particular focus on the new founders' relief, which it describes as "bonkers." The relief provides a lower rate of capital gains tax to a small subset of people with large gains, including entrepreneurs who make investments with broader societal benefits, as well as those who simply got lucky. The IFS argues that the relief is complex and will incentivize people to change their behavior in order to qualify for it, with little economic reasoning behind it. The Treasury's denial of Healey's comments has sparked debate about the government's intentions and the impact of the budget on the welfare bill. The controversy is likely to continue in the coming days as the government faces scrutiny over its fiscal policies.