UK Chancellor John Healey vows growth focus in first major speech
Chancellor John Healey prioritizes economic expansion but warns Labour must control public spending despite global bond market pressures.
John Healey told business leaders in Coventry that supporting stronger growth across the UK is his defining mission as chancellor. In his first significant address since taking office in July, he stated next month's budget would focus on expanding growth throughout Britain while adhering to strict fiscal rules. He emphasized that boosting domestic activity is the most sustainable method for balancing government finances amid rising long-term bond yields. Healey noted he and Secretary of State Andy Burnham are aligned on meeting a target to balance day-to-day spending with tax receipts by 2029-30. However, he cautioned that achieving this requires Labour to be honest about controlling government expenditure. Economists have warned the chancellor could face pressure to increase taxes or cut spending due to economic fallout from global market turmoil involving rising bond yields. The speech came as markets reacted to geopolitical risks and financial instability.
