UK's finance minister Healey walks fiscal tightrope before first budget
Healey said he will keep spending under control as he weighs tax rises and a £5 billion defence gap before next month’s Budget.
- On Monday, Chancellor John Healey delivered his first major speech in Coventry, insisting the UK economy is 'turning a corner' ahead of his debut Budget on October 28, 2026.
- Rising borrowing costs have tightened the government's fiscal headroom, leaving Healey with roughly £24 billion in leeway while investors remain sensitive to market volatility.
- To drive regional growth, the Chancellor announced £150 million in British Business Bank funding for northern firms, aiming to spread economic activity outside London.
- Conservative finance policy chief Andrew Griffith criticized the speech, calling Healey 'continuity Rachel Reeves' and warning that tax rises are 'inevitable' at the upcoming Budget.
- Navigating challenges from the Middle East, Prime Minister Andy Burnham's priorities for social care and defense spending remain central to the upcoming fiscal package.
51 Articles
51 Articles
UK finance minister Healey pledges strict fiscal discipline as budget looms
In his first keynote speech since becoming chancellor of the exchequer in July, Healey said "fiscal discipline" was his "first priority". New Prime Minister Andy Burnham, who replaced Keir Starmer over the summer, appointed former defence minister Healey to the top Treasury position. "The prime minister and I are in lockstep in our commitment to meeting the fiscal rules at the upcoming budget" on October 28, Healey said as he delivered a speech …
UK chancellor John Healey warns of tough budget amid fiscal pressures
In a major update, UK's Chancellor John Healey has put the country on notice for a challenging fiscal policy, warning that mounting international pressures and soaring global bond yields will...
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