The British Finance Minister announces plans to boost growth amid geopolitical tensions and escalation in the Strait of Hormuz

British Finance Minister John Healey used his first major speech since taking office 7 weeks ago to showcase how Prime Minister Andy Burnham's plan to devolve more powers from central government could help boost growth.

In a speech on Monday at an industrial site, Healey announced plans to give urban regions broader powers to set local industrial strategies and attract private investment.

He also affirmed his commitment to financial discipline, and reducing the escalating costs borne by the business sector and the public, including reducing regulatory costs by 25 percent by the next elections scheduled for 2029.

He said: “Growth is still fragile, but it was the fastest among the (G7) countries in the first half of this year, while productivity is witnessing a recent noticeable improvement after decades of lagging behind our counterparts.”

The challenges facing Haley are increasing before he announces his first budget on October 28, in light of investors' deep concern about the inflationary impact of rising oil prices as a result of the war with Iran, shrinking fiscal space, and increasing spending commitments.

Not far from where Healey delivered his speech in central England, the Business Secretary, Jonathan Reynolds, is scheduled to meet this week with the CEO of Jaguar Land Rover. To discuss job cuts in the country's largest automaker, amid reports that it is seeking to cut 4,000 jobs.

Healey announced the allocation of 150 million pounds ($203 million) of previously allocated financing from the British Business Bank to companies in northern England. With the aim of injecting investments ranging between 5 million and 15 million pounds sterling to attract additional private capital.

Healey and Burnham had already pledged to abide by the financial rules approved by the previous government. But with Burnham's plans to expand social care and increase defense spending, Healey is already facing pressure to save billions of pounds in tax revenue in the budget.

Shipping data showed, on Monday, that the daily average of primary commodity ships crossing the Strait of Hormuz reached 10 ships during the past ten days, which is the lowest level since last May, following American and Iranian strikes that targeted tankers.

Data issued by Kpler indicated that the ten-day moving average reached 10 ships yesterday, Sunday, compared to more than 15 ships on Friday, and about 13 ships on Saturday.

Only two ships crossed the strait on Saturday, while six ships passed on Sunday, most of them via the Iranian route.

US Central Command said that its forces targeted, on Saturday, three Iranian oil tankers, including a tanker off Kharg Island, the main center for Iranian oil exports, following attacks launched by Iran on American warships in the region.

In response, Tehran announced on Saturday that it had targeted three oil tankers that were taking unauthorized routes in the strait, in addition to three American ships in different regions.

Marisix, a company specializing in maritime information, said in a memorandum that the three Iranian tankers are “Downey,” “Stark 1,” and “Kylo,” also known as “Noxen.”

The company added that the attacks that occurred on Saturday represented a “major escalation in the maritime conflict.”

She continued: “Commercial carriers are now deliberately using tools for mutual economic pressure, which significantly weakens the previous distinction between military confrontation and commercial shipping.”

She added: “Accordingly, the level of risk is assessed as very high for Iranian or Iranian-related cargo, and significantly high for ships associated with the United States or accompanied by American forces, throughout the Strait of Hormuz and the Gulf of Oman.”

Kepler data showed that a very large oil tanker and three bulk cargo ships loaded with minerals, grains or oilseeds entered the strait yesterday, Sunday.

The data also revealed that no VLCC tanker has left the Strait of Hormuz since Wednesday.