Healey admits money ‘simply not there’ but vows to back British businesses

U.K. Chancellor John Healey acknowledged that the funds from former Labour leader Tony Blair’s 1990s Labour government are no longer available, but pledged to foster a larger economy by supporting British businesses. Addressing delegates at the Labour Party Conference in Liverpool, Healey, who will present his first budget in a month's time, emphasized that London should not bear the economic responsibility alone in driving the country's growth and pledged to ensure the benefits of any economic expansion are distributed across the nation.

Healey faced a challenging economic scenario ahead of his first fiscal statement, with financial experts estimating the chancellor has only £8.5 billion to £12 billion in fiscal flexibility, leaving the treasury limited resources to fund political objectives. The chancellor avoided making budgetary announcements but acknowledged businesses' concerns over a tax increase on October 28, stating that fiscal responsibility and British firms are central to his plans for "growth in every postcode."

Healey stressed that "wealth created in more places" is crucial, along with "new levels of confidence, investment, and, yes, profit." He asserted that "business will create this country's growth and wealth," and both the prime minister and he are committed to adhering to fiscal rules while reducing long-term financial pressures. Healey also criticized the previous Conservative government and Reform UK, accusing Nigel Farage of having "Liz Truss with a Bitcoin account."