
Britain's finance minister John Healey will outline his economic agenda ahead of Prime Minister Andy Burnham's first budget in October, aiming to ease living costs through measures like cutting red tape and launching a £150-million fund for northern England business innovation, while emphasizing fiscal discipline amid global uncertainty and high government debt.
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John Healey became Chancellor of the Exchequer following Labour's election victory, serving under Prime Minister Andy Burnham who took office in July. Healey has committed to following fiscal rules set by his predecessor Rachel Reeves.
Britain's finance minister John Healey on Monday will lay out his economic agenda ahead of fledgeling Prime Minister Andy Burnham's first budget in October, seeking to deliver on pledges to ease living costs.
Despite a grim economic outlook for the country buffeted by high costs of living, youth unemployment and energy prices driven higher by the US-Iran war, Healey is set to paint a cautiously optimistic picture.
In his first major speech as chancellor of the exchequer, Healey is expected to set out plans to write "a new story about Britain. An optimistic story. One of resilience", according to a press release by the treasury.
These include cutting government red tape and a new £150-million ($200 million) fund to boost business innovation in northern England, in line with Burnham's aim to devolve economic and political power to regions outside London.
"I want to see wealth creation in this country. I want to see businesses make a profit," Healey is expected to say in his speech, repeating Burnham's mantra of "growth in every postcode".
"The Chancellor will also make clear that good growth is indivisible from fiscal discipline at any time, but especially in a time of global uncertainty," the treasury press release added.
Earlier this weekend, Healey told the Financial Times he would use the October 28 budget to create a "buffer against uncertainty".
He has previously committed to following the fiscal rules laid out by his predecessor Rachel Reeves to meet day-to-day spending with government revenue.
The chancellor has remained vague about possible tax rises or additional financial support for households that could be unveiled in the budget.
Since entering government in July, Burnham has offered the British public several low-cost sweeteners, including cheaper bus fares and a tax cut on electricity bills.
He has also decided to ease a tax on pubs and other hospitality venues.
But multi-decade-high yields on government bonds and an eye-watering debt are squeezing any fiscal headroom.
Sceptics say the financial constraints mean Burnham will struggle to find the wiggle room to fund bigger commitments, including greater public control of utilities, ending rough sleeping and plugging a huge gap in defence spending.
AI outlook — possibilities, not facts
The October 28 budget will include measures to ease living costs
Likely · Within weeks
Fiscal discipline will limit the scale of new spending in the budget
Very likely · Within weeks

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