UK's finance minister Healey walks fiscal tightrope before first budget
Economists say he may need to find £10 billion to £15 billion in tax rises to restore fiscal headroom and reassure bond markets.
- On Monday, UK Finance Minister John Healey delivered his first major speech, setting the stage for the October 28 Budget with emphasis on regional growth and fiscal discipline across Britain's economy.
- Rising borrowing costs linked to the Iran war have narrowed the government's fiscal headroom to £24 billion, forcing Healey to fund Prime Minister Andy Burnham's ambitious plans for social care and defence spending.
- Healey will announce £150 million from the British Business Bank for northern scale-ups, designed to attract private investment and support innovation in "every postcode" across the country.
- Conservative shadow chancellor Andrew Griffith claimed the promises "will do little to comfort hard-working families," while Reform Treasury spokesman Robert Jenrick dismissed the vision as "guff" amid tax rise fears.
- Healey acknowledges current conditions are harder than his previous Treasury tenure, noting the debt burden is three times larger, as he balances market reassurance with Labour's regional development ambitions.
17 Articles
17 Articles
UK's finance minister Healey walks fiscal tightrope before first budget
Britain's new finance minister John Healey, a former trade unionist who has backed light-touch rules for banks, must soon decide on the right balance for a budget that could be the defining moment for Andy Burnham's premiership.
UK finance minister Healey seeks growth through decentralising power
LONDON, Sept 7 (Reuters) - Britain's finance minister, John Healey, will use his first major speech since taking office seven weeks ago to set out how Prime Minister Andy Burnham's plan to devolve power away from central government can help revive gr...
Healey promises wealth creation as he bids to calm markets before first Budget
Chancellor John Healey has promised a “new story” for the British economy, presenting the country as resilient and ready to benefit from new technologies while seeking to reassure financial markets ahead of his first Budget on 28 October. In his first major speech on economic growth, later today, Healey will say the UK was “turning a corner”, pointing to improving consumer and business confidence. His message will be deliberately upbeat, but it …
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