UK finance minister Healey pledges strict fiscal discipline as budget looms
Britain's new Finance Minister John Healey on Monday pledged to maintain the Labour government's strict fiscal discipline in his upcoming budget, after governments worldwide were hit by spik...
Britain's Finance Minister, John Healey, pledged on Monday to uphold the Labour government's strict fiscal discipline in his upcoming budget, following global governments grappling with surging borrowing costs. As Chancellor of the Exchequer, Healey's first priority is fiscal discipline, according to his speech at a Coventry manufacturing facility.
New Prime Minister Andy Burnham, who succeeded Keir Starmer last summer, appointed Healey to the Treasury position. The Prime Minister and Chancellor are aligned in their commitment to meeting fiscal rules at the budget on October 28. Healey did not disclose whether tax increases might be necessary to reduce Britain's debt. He stressed the need to change the country's weak growth trajectory, which is central to his purpose as Chancellor.
Healey highlighted the moral duty to address the issue of high youth unemployment and the high cost of living, exacerbated by rising energy prices due to the US-Iran war. The government also announced plans to cut red tape and provide a £150mn fund to boost business innovation in northern England, in line with Burnham's aim to devolve economic and political power to regions outside London.
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